Brittany Ferries Records 57% Year-On-Year Decrease In Annual Revenues
Brittany Ferries has released its results for 2020, which reveal that the ferry firm's revenues decreased by 57% year-on-year last year to €202.4 million.
The company's total passenger traffic decreased by 70% year-on-year last year to 752,102 passengers while the number of freight units that it carried decreased by approximately 20% to 160,377.
The number of passengers that travelled on its routes from Ireland to France and Spain decreased to 19,822 last year from 120,193 the previous year.
"Some Of The Most Disappointing Figures In Its History"
Brittany Ferries stated on its website, "Brittany Ferries has published some of the most disappointing figures in its history, following its AGM in St Pol de Leon, France. In a year dominated by the COVID crisis and amid on-going Brexit concerns, 2020 passenger numbers fell to less than a third of normal levels. Freight fared slightly better, with figures down by 20%. Company turnover halved, as lockdown measures and restrictions on travel in all markets forced passengers to stay at home."
"Plotting A Course Towards A Brighter Future"
The company added, "Despite a dreadful 2020, the company is already plotting a course towards a brighter future. It has embarked on a robust five-year recovery plan to bridge the immediate crisis and prepare for a return to normal service.
"It has also commissioned independent analysis of the passenger market by London-based consultancy LEK. Their findings suggest that passenger volumes are expected to have recovered to 2019 levels by 2022. Freight volumes are also expected to improve. Thanks to its five-year recovery plan - and with ongoing support from banks and French government - Brittany Ferries says it can therefore look beyond the current storm with optimism."
Brittany Ferries President Statement
Meanwhile, Brittany Ferries president Jean Marc Roué stated, "In the last few years Brittany Ferries faced a double strike, firstly as a consequence of Brexit challenges and then as a result of COVID. On Brexit, the unfavourable sterling-euro exchange rate hit our bottom line. The value of sterling plummeted directly after the 2016 vote and, since then, the company lost €115 million in potential income as the majority of revenue is generated in sterling and costs come in euros.
"Brexit concerns also affected demand. Three potential dates for the UK's departure from the EU in 2019 created uncertainty and anxiety in the marketplace and passenger numbers fell by 5%. Despite these challenges, we remained profitable.
"However, last year, the COVID crisis brought our company to its knees. It struck a blow for the regions we serve and enrich, and the French seafarers we are proud to employ. Despite this, we are determined to remain part of the fabric of life in the north west of France as well as in the UK, Ireland and Spain and we must thank the regions of Normandy and Brittany, the banks and French state for their on-going support throughout this dark period. With a collective will to return stronger, I believe Brittany Ferries will overcome the greatest challenge in its history."
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