Trading Statement
TRADING UPDATE
Volumes (Year to date, 6 May 2023)
|
2023 |
2022 |
Change vs 2022 |
|
Cars |
129,600 |
122,400 |
+5.9% |
|
RoRo Freight |
229,200 |
222,200 |
+3.2% |
|
Container Freight
(teu) |
100,100 |
116,300 |
(13.9%) |
|
Terminal
Lifts |
104,700 |
114,200 |
(8.3%) |
|
Irish Continental Group (ICG) issues this
trading update which covers carryings for the year to date to 6 May
2023 and financial information for the first four months of 2023,
i.e. 1 January to 30 April with comparisons against the
corresponding period in 2022. All figures are unaudited.
Consolidated Group revenue in the period was
€163.4 million, an increase of 1.4% compared with last year. For
banking covenant purposes, pre-IFRS 16 net debt figures were €124.9
million compared to €128.7 million at year end. Including IFRS 16
lease obligations, net debt figures were €160.7 million compared to
€171.1 million at year end.
Ferries Division
Total revenues recorded in the period to 30
April amounted to €106.9 million (2022: €98.3 million) (including
intra-division charter income), an 8.7% increase on the prior
year.
For the year to 6 May, Irish Ferries carried
129,600 cars, an increase of 5.9% on the previous year. Freight
carryings were 229,200 RoRo units, an increase of 3.2% compared
with 2022.
Container and Terminal
Division
Total revenues recorded in the period to 30
April amounted to €69.6 million (2022: €71.7 million), a 2.9%
decrease on the prior year. This decrease was predominantly driven
by a reduction in volumes versus the prior period.
For the year to 6 May, container freight volumes
shipped were down 13.9% on the previous year at 100,100 teu (twenty
foot equivalent units), primarily due to a slowdown in deep sea
volumes in the first four months of the year. We have adjusted our
capacity to match the current demand situation. Units handled at
our terminals in Dublin and Belfast decreased 8.3% year on year to
104,700 lifts.
Recent Developments
On 5 May 2023, the Group took delivery of the
Oscar Wilde (ex Tallink STAR) from Tallink Grupp. The Group signed
a long-term bareboat charter agreement for a firm period of 20
months with the possibility to extend the charter by 2 + 2 years.
The agreement also gives the Group purchase options over the
vessel. The Oscar Wilde will be the largest and fastest passenger
cruise ferry on the Irish Sea with an impressive capacity of over
2,080 passengers, 134 cabins, and ample space with over 2,380 lane
meters for cars, coaches, and freight vehicles and a service speed
of up to 27 knots. With the largest duty-free shopping space for
any cruise ferry on the Irish Sea of more than 17,000 square feet,
it will be an ideal shopping destination for those travelling
between Ireland and Britain. The Oscar Wilde will initially enter
service on the Rosslare – Pembroke route in early June, replacing
the chartered Blue Star 1 for the busy summer period.
We expect 2023 will see a continuation of the
trend of freight customers returning to the landbridge and we are
hopeful that the Windsor Framework will remove the distortion from
the non-implementation of the Northern Ireland Protocol. We welcome
recent calls for the establishment of Green Lanes on ferry routes
between the UK and the Republic of Ireland, for traffic destined
for Northern Ireland. We believe that the arrangements proposed for
Northern Ireland – Great Britain trade can be equally applied to
allow trade to route via the Republic of Ireland. If a trader can
be trusted to enter Northern Ireland and not enter the Republic of
Ireland, then it would appear logical that the trader can be
equally trusted to enter via the Republic of Ireland and go
directly to Northern Ireland. This would allow Northern Ireland
goods to travel via the shortest, most efficient, and
environmentally friendly route. We have written to both the Irish
Government and the European Union to urge them to consider the
introduction of this proposal.
About Irish Continental Group
Irish Continental Group (ICG) is the leading
Irish-based maritime transport group. We carry passengers and cars,
Roll on Roll off (RoRo) freight and Container Lift on Lift off
(LoLo) freight on routes between Ireland, Britain and Continental
Europe. We also operate container terminals in the ports of Dublin
and Belfast. The Group also carries out ship chartering activities.
For the year ended 31 December 2022, ICG reported revenue of €584.9
million and EBITDA of €127.2 million.
Dublin.11 May 2023
Enquiries
Eamonn Rothwell, CEO
+353
1 607 5628David Ledwidge,
CFO +353
1 607 5628
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