Saturday 24 August 2019

Revenue up at ICG as traffic increases

Irish Continental is due to take delivery of a new €144m passenger ship, which is being built in Germany, next year
Irish Continental is due to take delivery of a new €144m passenger ship, which is being built in Germany, next year
Ellie Donnelly

Ellie Donnelly

Consolidated revenue at ferries operator Irish Continental Group (ICG) increased by 3.1pc to €288.9m year-on-year in the ten months to 31 October.

Total revenues for the group’s ferries division was €184.4m, a 1.4pc increase on the prior year.

The increase in revenue was driven by an increase in the number of cars and container freight that ICG carried.

For the year to 11 November, Irish Ferries carried 385,100 cars, an increase of 2.2pc on the previous year.

Freight carryings for the year to 11 November were 247,700 roll-on roll-off, an increase of 0.5pc compared with 2016.

Despite the weakness in sterling, ICG managed to partly mitigate revenues affected by sterling with improvements in its sterling-based costs.

However the company said that fuel costs continued to be impacted by higher global fuel prices compared to this time last year.

Total revenues recorded in the group’s container and terminal division recorded in the period to 31 October amounted to €111.2m, a 5.9pc increase on the prior year.

For the year to 11 November container freight volumes shipped were up 5.5pc on the previous year at 281,000 teu, with the rate of growth slowing to 3.8pc in the period since 30 June.

Units handled at the group’s terminals in Dublin and Belfast increased 3.2pc year on year to 258,400 lifts.

In the period since 30 June terminal throughput was 5.4pc higher reflecting market growth.

According to a statement from ICG, the effect of a weaker sterling was not significant in the container and terminal division due to its low level of net sterling exposure.

In September ICG announced that it had secured a €75m loan facility from the European Investment Bank to help finance the construction of its new, state-of-the-art, €144m passenger vessel.

The new ship is being built in Germany and will accommodate 1,885 passengers and crew, have 435 cabins and space for 165 freight vehicles as well as 300 cars.

It's due for delivery next year. ICG expects to use the vessel on the Dublin-Holyhead route during the week and for sailings between Dublin and Cherbourg at weekends.

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