| 13.6°C Dublin

W.B. Yeats ship helps boost earnings at Irish Ferries operator

Close

(Stock image)

(Stock image)

(Stock image)

Irish Continental Group (ICG), the operator of Irish Ferries, said improved schedule reliability and the introduction of the W.B. Yeats helped it increase earnings by 27pc to €86.6m last year.

The W.B. Yeats cruise ferry entered service in January 2019.

The earnings figure also benefitted from the implementation of accounting standard IFRS16.

Revenue increased €27.2m (8.2pc) to €357.4m, according to annual results from the group.

ICG bought two additional container ships during 2019. The Thetis D was purchased in April for €12.4m, while the CT Rotterdam was purchased in November for €8.2m.

In April 2019, the group entered into a bareboat hire purchase agreement for the sale of the Oscar Wilde to MSC Mediterranean Shipping Company, for a total gross consideration of €28.9m to be paid in instalments over six years.

The profit in 2019 from this sale was €14.9m.

ICG chairman John B McGuckian said: “2019 was a successful year for the group, with material growth across both divisions. 2019 saw a number of our longer term strategic goals met.”

“We look forward in 2020 to another year of growth across our businesses and further progress in meeting our long term strategic goals,” he added.

On the matter of Brexit, the company said any slowdown in either economy as a result of the exit of the UK from the European Union will likely have an effect on Irish Ferries carryings.

It said the deployment of the W.B. Yeats on the Dublin/ Cherbourg route has already added “significant capacity” to the direct continental services.

This will lessen the effect of any port delays which might occur in the short-term on Irish Sea services while new cross border procedures settle in, the company said.

Elsewhere, ICG is continuing to monitor the coronavirus situation and work closely with all relevant authorities.

Online Editors