Displaying items by tag: Profits Hit

27th August 2020

ICG Half-Year Profits Hit & Revenue Due to Covid-19 Travel Restrictions

Operator Irish Ferries carried a total of 56,600 cars in the first half of 2020, down 64.9% on the same time last year. Above W.B. Yeats departing Dublin Port

Irish Ferries parent company Irish Continental Group has reported a drop in revenues and earnings for the first six months of the year amid a challenging background of depressed economic activity and travel restrictions imposed across the EU because of the Covid-19 pandemic.

ICG said this had led to a significant reduction in passenger traffic, however freight activity across the group has been less affected.

Revenues for the six months to the end of June decreased by 21.6% to €130.8m from €166.8m the same time last year, while EBITDA sank by 66.7% to €10m from €30m.

ICG, which owns Irish Ferries, posted a loss before tax of €11.2m compared with a profit before tax of €24.9m the same time last year.

The company said the trading conditions faced by the group since March, particularly in its passenger business, have been the most challenging encountered in its 32 year history.

More here RTE News reports on this story.

Published in Ferry

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RC35 Class

The concept of the RC35 Class is to bring together similar boats within a close handicap banding and to work with owners and crews to develop the best racing experience possible on the Clyde and the Irish Sea area. The Class is within a tight rating band (IRC 1.015-1.040) yacht racing will be in Scotland, Ireland and Wales.

Q: What is the RC35 ‘Rule’?
A: Qualifying yachts for the RC35 Class will sit within an IRC Banding of 1.015 to 1.040. In 2017 it is proposed that a tolerance of +/- 0.05pts will be permitted

Q: Are there any other criteria?
A: RC35 takes the most prevalent IRC racing boats on the Clyde and groups them within a fixed rating band. Qualifying boats will have an LOA 32ft—38ft and displacement of between 3,000kg—9,000kg. The rule also requires boats conform to ISAF Cat.4 be anti-fouled and not dry sailed. A limit of sail purchases (2 per year) also applies.

Q: What is the RC35 Championship?
A: The RC35 Championship will cover 8 events (6 to count) and include events such as Scottish Series, Dun Laoghaire/Bangor and an RC35 Championship weekend. Each year the Class will make a commitment to one ‘away’ regatta as part of the Championship.