Irish Continental Trading Statement
November 29 2018 - 2:00AM
UK Regulatory
TIDMICGC
Trading update 29 November 2018
Volumes (Year to date, 24 November 2018)
Financial summary
2018 2017 Change
Cars 365,400 393,800 -7.2%
RoRo Freight 257,000 259,200 -0.8%
Container Freight (teu*) 299,800 293,300 +2.2%
Terminal Lifts 283,200 269,500 +5.1%
*teu: twenty foot equivalent units
Irish Continental Group (ICG) issues this trading update which covers
carryings for the year to date to 24 November 2018 and financial
information for the first ten months of 2018, i.e. 1 January to 31
October with comparisons against the corresponding period in 2017. All
figures are unaudited.
Consolidated Group revenue in the period was EUR285.3 million, a
decrease of EUR3.6 million or 1.3% compared with last year. The revenue
decrease is attributable to sailing disruptions and schedule changes in
the Ferries Division offset by revenue growth in the Container and
Terminal Division. External charter revenues were also EUR4.9 million
lower following the sale of the Kaitaki in May 2017 and Jonathan Swift
in April of this year.
For the year to date Group fuel costs continued to be impacted by higher
average fuel prices compared to the prior year.
Net cash at the end of October was EUR33.9 million which includes cash
generated from trading to date net of the 20% deposit payment on the
second new vessel and proceeds from the sale of the Jonathan Swift.
There is heightened uncertainty at the moment over the manner of the
proposed exit of the United Kingdom from the European Union. This is
bound to be affecting the timing of corporate investment decisions and
continued uncertainty may have a negative impact on consumer sentiment.
Ferries Division
Total revenues recorded in the period to 31 October amounted to EUR172.1
million (including intra-division charter income), a EUR12.3 million or
a 6.7% decrease on the prior year. EUR4.9 million of the decrease is
attributable to lower external vessel charter earnings following the
disposal of the Kaitaki in May 2017 and the Jonathan Swift in April
2018.
For the year to 24 November, Irish Ferries carried 365,400 cars, a
decrease of 7.2% on the previous year, on the back of a 7.3% loss in
sailings (including planned reduced fast craft sailings of 20% due
principally to a decision not to operate the Swift in the Winter). In
the period since 30 June car carryings decreased by 11.2% compared with
the same period last year.
Freight carryings for the year to 24 November were 257,000 RoRo units, a
decrease of 0.8% compared with 2017, on the back of a 4.1% loss in
cruise ferry sailings (i.e. excluding fastcraft sailings). In the period
since 30 June carryings decreased by 5.6%.
Carryings in the period July to date compared to the prior year were
adversely affected by significant disruptions to the schedules on the
Dublin Holyhead route due to technical difficulties affecting the
flagship vessel Ulysses. While Irish Ferries adjusted its fleet
allocations to reduce the effect of these disruptions there remained a
significant reduction in capacity.
The Jonathan Swift was sold in April 2018 generating a profit after tax
of EUR13.7 million. The container vessel Ranger remains on time charter
to a third party while the "Elb" vessels remain on time charter to the
Group's container shipping subsidiary Eucon.
The W.B. Yeats, currently under construction by Flensburger
Schiffbau-Gesselschaft & Co. KG ("FSG") completed its sea-trials in
early November and is undergoing final delivery adjustments. FSG have
advised ICG that the W.B. Yeats will be ready for delivery during early
December. ICG would like to apologise once again for any disruption
caused to our tourism and freight customers due to the delay in FSG
delivering the ship, a delay that was an extraordinary event totally
outside the control of ICG. FSG are contracted to deliver a second new
vessel during 2020.
Container and Terminal Division
Total revenues recorded in the period to 31 October amounted to EUR120.1
million, an 8.0% increase on the prior year.
For the year to 24 November container freight volumes shipped were up
2.2% on the previous year at 299,800 teu, with the rate of growth of
3.8% in the period since 30 June.
Units handled at our terminals in Dublin and Belfast increased 5.1% year
on year to 283,200 lifts. In the period since 30 June terminal
throughput increased by 5.0%.
Dublin
29 November 2018
Enquiries
Eamonn Rothwell, CEO, +353 1 607 5628
David Ledwidge, CFO, +353 1 607 5628
(END) Dow Jones Newswires
November 29, 2018 02:00 ET (07:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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