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