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Revenues Decline At Irish Ferries Owner ICG Due To COVID-19 Crisis

By Dave Simpson

A new trading update from Irish Ferries owner Irish Continental Group (ICG) has revealed that the group's revenue during the six months that ended on June 30 amounted to €130.8 million, which is 21.6% less than the figure recorded for the same period in 2019.

Meanwhile, the group's net debt was down from the €129 million recorded at the end of December of last year to €103.3 million at the end of June.

Ferries Division

ICG's ferries division's total revenues during the first half of 2020 amounted to €61.6 million, which is 33.3% less than the figure recorded for the first half of last year, principally as a result of lower passenger volumes due to the COVID-19 crisis.

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During the period between January 1 and July 25, 2020, Irish Ferries carried 68,900 cars, which is 67.2% less than the number of cars it carried during the same period in 2019, while freight carryings decreased 1.1% from the figure for the last year to 173,500 RoRo units.

Container and Terminal Division

ICG's container and terminal division's total revenues during the first half of 2020 amounted to €73.2 million, which is 33.3% less than the figure recorded for the first half of 2019, principally as a result of supply chain disruption due to the COVID-19 pandemic.

During the period between January 1 and July 25, 2020, container freight volumes shipped were down 10.5% on the previous year at 178,300 teu (twenty-foot equivalent units). Units handled at ICG's terminals in Dublin and Belfast decreased 13.6% year-on-year to 160,100 lifts.

"Strong Financial Position"

ICG stated, "The group is in a strong financial position to weather this COVID-19 storm, and we would refer investors to our cash and undrawn credit facilities position at 31 December 2019."

© 2020 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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