General Industry

Irish Ferries Operator ICG Releases Financial Report For H1 2022

By Dave Simpson
Irish Ferries Operator ICG Releases Financial Report For H1 2022

Irish Ferries operator Irish Continental Group plc (ICG) has released a financial report the six month period that ended on 30 June 2022.


According to a statement published on, the group's revenue during the six month period amounted to €263.1 million, which was €121.5 million more than HY 2021; its operating profit was €17.4 million, which compares to an operating loss of €10.3 million in HY 2021; its EBITDA was €47.3 million, which was €34.6 million more than HY 2021; it gross cash balances were €38.6 million, following a figure of €38.5 million at 31 December 2021; its net debt was €154.5 million, which is €12.3 million higher than at the beginning of the year; the directors have declared an interim dividend of 4.64 cent per share (2021: €nil) that is payable on 7 October 2022 to shareholders who are on the register on 16 September 2022; the group acquired and commissioned ropax vessel the Isle of Inisheer, which is now one of three vessels that serves the Dover-Calais route; the group also acquired container vessel the CT Pachuca, which is being operated within the its container services; and there was further investment in environmentally-friendly port equipment at Dublin Ferryport Terminals, and operations commenced at Dublin Ferryport Inland Depot.

Statement By Chairman

The statement published on included a statement from hairman John B. McGuckian that said, "HY 2022 was one of significant improvement in group performance following the challenging trading environment over the previous two years following the imposition by governments of travel restrictions in early 2020 as preventative measures during the COVID-19 pandemic.

"The gradual return of passenger travel towards more historic patterns and the continuing support of our freight customers together with the new ferry service on Dover-Calais drove HY 2022 revenues to a record level of €263.1 million. However, the group also had to deal with the challenges of cost inflation particularly energy prices. Nevertheless, the group reported a profit before tax of €15.4 million, €27.6 million ahead of last year.

"On a strategic level, the group continues to invest in its businesses, with over €50.0 million expended on strategic assets in the half year period. The Dover-Calais service, which commenced on 29 June 2021 was expanded to a three vessel service in May 2022 and now offers up to 30 sailings per day. We continue the expansion and modernisation of our container terminals with the latest automated and environmentally friendly equipment.


"The improvement in revenue performance has continued to date. However, in the near term, the group is cautious regarding inflation pressures and the associated macro-economic impact together with the challenges in passing cost increases through the logistics chain."

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