Business Irish

Sunday 20 October 2019

Brexit uncertainty impacting timing of investment decisions - Irish Ferries operator

Irish Ferries operator ICG has warned that uncertainty around Brexit is bound to be affecting the timing of corporate investment decisions
Irish Ferries operator ICG has warned that uncertainty around Brexit is bound to be affecting the timing of corporate investment decisions
Ellie Donnelly

Ellie Donnelly

The current uncertainty surrounding Brexit is "bound to be affecting the timing of corporate investment decisions" Irish Ferries operator ICG has said.

The group added that the lack of clarity around the UK's exit of the EU "may have a negative impact on consumer sentiment."

In a trading update today covering the first 10 months of 2018, ICG reported revenue of €285.3m for the period, down 1.3pc on last year.

The fall in revenue was due to sailing disruptions and schedule changes, which were offset in part by revenue growth in the container and terminal division.

So far this year car traffic is down 7.2pc to 365,400.

Container freight (twenty foot equivalent units) is up 2.2pc, while terminal lifts increased by 5.1pc.

ICG also said fuel costs continued to be impacted by higher average prices compared to the prior year.

Earlier this year analysts reduced their financial year 2018 earnings estimate for ICG to €74m from €78.5m after the group was hit by delays to the delivery of the WB Yeats ship. The group said that they have been advised that the WB Yeats will be ready for delivery during early December.

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