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Displaying items by tag: ICG

Irish Ferries parent company Irish Continental Group (ICG), has reported a big jump in revenues as travel restrictions from Covid eased compared to the same time last year.

ICG said its group revenues in the trading period 10 months prior to the end of October soared to €500.5m, an increase of 78.9% compared with last year and a 62.1% increase on 2019.

In the ferry division which has four routes linking between Ireland, the UK and France, revenue came to €338m, an increase of 133.9% on the previous year and 83.4% rise on 2019.

According to the Dublin based group, the increases was mainly due to travel restrictions eased, coupled with an increased fuel surcharges. In addition the launch in June, 2021 on the UK-France route of Dover-Calais service operated by a trio of ferries competing with DFDS and P&O Ferries.

The ferry operator reported in the year up to 19 November that it carried a total of 525,600 cars which was an increase of 198% compared to the previous year.

For more RTE News reports figures for freight during the same trading period.

Published in Irish Ferries

Irish Ferries parent company the Irish Continental Group has reported an increase in revenue for the first four months of the year.

In a trading statement, the group provides comparisons to the same period last year as well as to the first four months of 2019, the year before the pandemic struck.

ICG said group revenue up to the end of April this year came in at €161.2 million - an increase of 80.5% on last year, but it was also up over 57% on 2019 levels.

Net debt increased by €30 million to stand at just over €174 million.

The increase in debt was accounted for by strategic capital expenditure mainly arising from the acquisition of two ferries for their new Dover-Calais service as Afloat reported, the Ciudad de Mahón from a Spanish operator and Calais Seaways from a Danish company.

RTE News has more from both the ferry and container/terminal divisions.

To consult ICG's Trading Statement, click here.

Published in Irish Ferries

Higher revenues for the six months to the end of June have been reported by the Irish Continental Group, but a drop in earnings before interest and tax as the Covid-19 pandemic continued to create an "exceptionally challenging" trading environment for the company.

ICG which owns Irish Ferries, said its revenues rose by 8.3% to €141.6m, while EBIT generated was a loss of €10.3m, €0.8m worse than the same time last year.

The company reported a loss before tax of €12.2m compared to a loss before tax of €11.2m last year.

ICG said that travel restrictions in place in the first half of the year materially reduced its passenger business.

But it added that it has maintained services on all of its shipping routes, keeping critical logistical links to the island of Ireland.

RTE News has more to report here.

Published in Irish Ferries

Ferry company owner Irish Continental Group has reported a 26% drop in revenues for the first 10 months of 2020 as the number of cars it carried on its ferries slumped by 66.8%.

In a trading update, ICG which operate Irish Ferries (services to the UK and France), said its revenues for the ten months to the end of October fell to €229m, a decrease of €79m on the same time last year.

ICG said its ferries division faced challenging trading conditions after the continuation of travel restrictions across the EU which were first introduced in the middle of March due to the Covid-19 pandemic.

It said that car volumes were down 66.8% to 122,700 from 369,700 the same time last year, with total passenger volumes down 68% compared with 2019.

ICG said this has had a material impact on passenger revenues, which were 71% lower in the year to October 31 compared to 2019.

But it added that its Irish Ferries ro-ro freight carryings have been more robust with retention of full freight schedules providing critical logistical links to the island of Ireland, with ro-ro freight carryings up 4% compared with 2019.

Further coverage from RTE News in addition a link to consult ICG's trading statement in full. 

Published in Ferry

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

Ferry and container operator Irish Continental Group (ICG) reported revenues fell more than 21 per cent in the first six months of the year as the coronavirus pandemic caused economies to shut down.

But the group, reports Irish Times, said it remained in a strong financial position to weather the Covid-19 storm.

The ferry company (Irish Ferries) said consolidated revenue for the six months to June 30th 2020 fell 21.6 per cent to €130.8 million, dragged lower by a 65 per cent decline in passenger volumes over the period. Net debt at the end of the period was €103.3 million, down from €129.0 million at the end of December 2019.

The ferries division showed a decline of more than 33 per cent, with revenue at €61.6 million for the year. Passenger cars were down 65 per cent to 56,600, compared with 161,200 a year earlier.

The container and terminal division saw a 6.6 per cent fall in revenues for the six months, as supply chains were disruption by Covid-19. Over the year to July 25th, container freight volumes were 10.5 per cent lower at 178,300 20-foot equivalent units, with units handled at the Dublin Port and Belfast Harbour (see: terminals) down 13.6 per cent year on year to 160,100 lifts.

For further reading click here

In addition Afloat adds to consult ICG's Trading Update (here) that was released today.

Published in Ferry

Dublin based Irish Continental Group (ICG) has brought its sixth containership.

The shipowner and ferry operator, reports Tradewinds, has acquired the 974teu CT Rotterdam (built 2009), for an undisclosed price.

Afloat adds that the container vessel was preceeded by another acquisition in April as outlined further below.

On Wednesday the Group released a trading update which saw increased revenue in its passenger /freight division, Irish Ferries.

According to the trading update, in April an acquisition took place of the Thetis D. Afloat can reveal the lo-lo vessel has a capacity for 1421teu. The containership was built in 2009 likewise of the aforementioned CT Rotterdam which was acquired this month.

The group's Container & Terminal Division includes lo-lo shipping activities under the Eucon brand and the operation of two container terminals, Dublin Ferryport Terminals (DFT) and Belfast Container Terminal (BCT).

The trading update for this division, revealed a total revenue volume of €131.0 million in the period to 31 October, this was a 9.1% increase on the previous year. For more on the performance of this sector as part of the Group's overall trading update can be read by clicking here.

Published in Ports & Shipping

Irish Continental Group, the parent company of Irish Ferries has reported revenue of €308.8m in the first ten months of 2019, an increase of 8.2pc on the same period last year.

As the Independent.ie writes, ICG said a "significant" proportion of the improvement came from the ferries division, on the back of improved scheduling reliability following major disruptions in 2018.

Despite this, it experienced "some volatility in carryings as key Brexit dates were approached and subsequently postponed".

The overall effect of this continuing uncertainty "is generating negative impact on consumer sentiment and trade flows as investment decisions are delayed".

For further reading click here. 

Published in Ferry

Maritime transport operator, Irish Continental Group has reported revenue 6% higher for the half year, following the introduction of the WB Yeats cruise ferry on schedule services with Irish Ferries in January.

Earnings per share, reports RTE News, however, were down 16% to 12.8 cent. ICG reported its interim dividend increased by 5% to 4.42 cent.

The company is concerned about the impact of Brexit but says it can pursue other opportunities, and remains confident for continued revenue growth.

ICG sold the Oscar Wilde ferry in April for €28.9 million, following the sale, a year earlier, of the Jonathan Swift for €15.5 million.

Fuel costs increased by €3.1 million to €25.5 million in the six month period.

Click here for more on this story. 

Published in Ferry
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The Irish Continental Group (ICG) has said it is totally prepared to meet the challenges posed by Brexit, whatever way those challenges emerge.

At the group’s annual general meeting, John McGuckian, ICG chairman, said, “we’re confident that whatever happens, we will react in an efficient and profitable way”.

Speaking to The Irish Times after the meeting, ICG chief executive Eamonn Rothwell said he’d prefer if sterling wasn’t so weak but he didn’t show concern on the basis that he doesn’t “know what Brexit is yet”. Mr Rothwell added that he doesn’t expect the group to suffer as 40 per cent of travellers on the Irish Sea are travellers originating in Ireland, while the remainder are British.

At the group agm there was no opposition to any of the resolutions, with remuneration practices in the company supported by over 90 per cent of shareholders. The shareholders dividend of 7.76 cent per share was also approved at the meeting. That dividend will be paid in June.

For more including the sale in 2017 of the former Isle of Innisfree (Kaitaki) to a New Zealand operator and results on ICG's ro-ro operations click here. 

Published in Ferry
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