General Industry

Irish Ferries Operator ICG Records 21.6% Decrease In Revenue

By Dave Simpson
Irish Ferries Operator ICG Records 21.6% Decrease In Revenue

Irish Ferries operator Irish Continental Group (ICG) has released its financial results for the six month period that ended on June 30, 2020, revealing that its revenue decreased 21.6% year-on-year during the period to €130.8 million.

Meanwhile, the group's earnings before interest and tax (EBIT) decreased €2.1 million year-on-year to €9.5 million; its earnings before interest, tax, depreciation and amortisation (EBITDA) before non-trading items decreased by 66.7% to €10 million; group fuel costs decreased by 32.9% to €17.1 million; and the group experienced a loss before tax of €11.2 million.

Chairman Statement

ICG chairman John B. McGuckian stated, "The trading conditions faced by the group since March 2020, particularly in our passenger business, have been the most challenging encountered by the group in its 32 year history.

"Notwithstanding the travel restrictions imposed by governments throughout the EU, the company has continued to service all its shipping routes providing critical logistical links to the island of Ireland. These services have also facilitated passenger travel, including returning medical and caring volunteers and technicians to fix vital equipment in our hospitals and care centres and an ability for our citizens to repatriate, where they must do so, to deal with emergencies at home and for those who must travel for essential reasons. On behalf of the group, I would like to thank our staff and crews for their tremendous efforts in maintaining services during these difficult time

"There are a large number of variables beyond the control of the group around COVID-19 developments creating uncertainty for future passenger travel. However, we are encouraged by the recovering freight volumes since June to date. The group remains in a strong financial position to weather this COVID-19 storm."

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