Irish Ferries Operator ICG Records 26% Decrease In Revenue
Irish Ferries operator Irish Continental Group (ICG) has released a new trading update, revealing that its consolidated group revenue decreased by €79 million, or 26%, year-on-year to €229 million during the 10 month period that ended on October 31, 2020.
During the year to November 21, ICG's ferries division experienced a 66.8% year-on-year decrease in car volumes while total passenger volumes decreased 68% year-on-year.
During the 10 month period that ended on October 31, ICG's ferry division experienced a 71% year-on-year decrease in passenger revenues.
Ro-Ro Freight Carryings And Container And Terminal Division
Meanwhile, Irish Ferries roll-on, roff-off (ro-ro) freight carryings increased by 4.4% year-on-year during the year to November 21, and ICG's container and terminal division experienced an 8.9% year-on-year decrease in container shipments during the year to November 21, with container lifts at the group's Dublin and Belfast terminals decreasing by 11.7%.
Staff Retention Support Schemes
ICG said that "where appropriate, [it] has availed of governments' staff retention support schemes across Europe."
"Strong Financial Position"
ICG also stated, "The group remains in a strong financial position, with cash and undrawn committed credit facilities at 31 October of €232.4 million and net debt of €96.7 million (pre-IFRS 16: €63.2 million)."
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