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Irish Ferries Operator ICG Releases Its Preliminary Results For Year That Ended On 31 December 2021

By Dave Simpson

Irish Ferries operator Irish Continental Group (ICG) has released its preliminary results for the year that ended on 31 December of last year.

Details

According to a statement published on Icg.ie/Investors/Regulatory-News, during the year period, ICG's revenue increased by €57.4 million (20.7%) to €334.5 million; its EBITDA increased by €10.2 million principally due to increased revenues and a continued focus on cost optimisation; its year end net debt, after strategic capital expenditure of €41.7 million, was €142.2 million, which was 2.6 times EBITDA under banking covenant definitions; and the group is in a strong financial position with available liquidity comprising cash and committed bank facilities of €118.9 million as of 31 December of last year.

Additional Details

Additionally, the statement published on Icg.ie/Investors/Regulatory-News said that the overall financial outcome for ICG was a loss before tax of €4.1 million, which a loss of €18.0 million in 2020, while operating loss before non-trading items was €0.2 million (2020: €0.8 million profit), EBITDA (pre non-trading items) generated was €52.3 million (2020: €42.1 million) from total revenues of €334.5 million (2020: €277.1 million), EBITDA remained broadly in line with the prior year in ICG's ferries division where EBITDA before non-trading items was €23.2 million (2020: €22.3 million), and EBITDA in ICG’s container and terminal Division was €29.1 million (2020: €19.8 million).

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The statement published on Icg.ie/Investors/Regulatory-News also said that net debt increased from €88.5 million to €142.2 million, primarily due to strategic capital expenditure of €41.7 million and share buybacks of €19.8 million, and, despite a 22.7% reduction in volumes, RoRo revenue has decreased 3% year-on-year.

© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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