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Irish Ferries operator withdraws final dividend for 2019

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irish ferries

irish ferries

irish ferries

Irish Ferries operator, ICG, has withdrawn its proposal to pay a final dividend in respect of the year ended December 2019.

In March the company published its results for the year-end 31 December 2019, in which the directors proposed a final dividend of 8.99 cent per share subject to shareholder approval at this year's annual general meeting (AGM).

However, since then the company has been impacted by the introduction of travel restrictions across the European Union as a result of the Covid-19 pandemic.

This has led to a “significant reduction” in passenger traffic and forward bookings, in what is normally the peak summer passenger season for ICG’s Irish Ferries services, according to a statement from the company.

It added that it is “very difficult” to estimate the full year financial impact on the ICG Group, as the reduction in passenger revenue will be “material”.

On the back of this, the directors of ICG consider it prudent not to proceed with the final dividend payment.

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