Irish Continental Trading Statement

TIDMICGC

IRISH CONTINENTAL GROUP plc : TRADING UPDATE

Volumes (Year to date, 11 May 2019)

2019 2018 Change
Cars 95,000 103,800 -8.5%
RoRo Freight 109,500 102,700 +6.6%
Container Freight (teu) 129,000 118,500 +8.9%
Terminal Lifts 119,600 111,300 +7.5%

Irish Continental Group (ICG) issues this trading update which covers
carryings for the year to date to 11 May 2019 and financial information
for the first four months of 2019, i.e. 1 January to 30 April with
comparisons against the corresponding period in 2018. All figures are
unaudited.

Consolidated Group revenue in the period was EUR102.3 million, an
increase of 6.1% compared with last year. Net debt at the end of April
was EUR88.4 million compared with EUR80.3 million at 31 December 2018.

It should be noted that ICG's revenue is weighted towards the summer
period due to the seasonality of tourism carryings. Fuel costs were
impacted by higher global fuel prices compared to the corresponding
period in the previous year.

Ferries Division

Total revenues recorded in the period to 30 April amounted to EUR51.7
million (including intra-division charter income), a 1.1% decrease on
the prior year. The decrease was principally due to lower tourism
volumes resulting from the planned suspension of fastcraft services on
the Dublin to Holyhead route in the period up to 14 March compared to
the prior year partially offset through increased freight volumes.

For the year to 11 May, in this seasonally less significant period for
tourism, Irish Ferries carried 95,000 cars, a decrease of 8.5% on the
previous year. Freight carryings were 109,500 RoRo units, an increase of
6.6% compared with 2018.

The planned suspension of fastcraft sailings in the off-peak season was
the primary reason for reduced tourism carrying in the period. In
addition, the proposed withdrawal of the United Kingdom ("UK") from the
European Union had some negative impact on UK passenger bookings in the
lead up to the proposed exit date of 29 March 2019. The recent agreement
between the Irish and British government to continue and formalise the
Common Travel Area whatever the outcome of the UK withdrawal
negotiations is a positive development.

Container and Terminal Division

Total revenues recorded in the period to 30 April amounted to EUR53.2
million, a 13.7% increase on the prior year. This increase was driven by
volumes, increased fuel surcharge against increased fuel costs and
additional ancillary revenues.

For the year to 11 May container freight volumes shipped were up 8.9% on
the previous year at 129,000 teu (twenty foot equivalent units) achieved
through increased load factors and additional capacity. Units handled at
our terminals in Dublin and Belfast increased 7.5% year on year to
119,600 lifts.

Group Development

The W.B. Yeats delivered in December 2018 commenced sailings on 22
January 2019, initially on the Dublin to Holyhead route before switching
to the Dublin to France service during March, swapping with the Epsilon.
The Dublin Swift also recommenced sailings on the Dublin to Holyhead
fastcraft service during March.

On 4 April, the Group took delivery of the container vessel Thetis D,
built in 2009 with a 1,421 teu container capacity. The vessel has been
on charter to a third party since acquisition by the Group. This
increases the ICG owned container fleet to 5 vessels.

On 11 April 2019, the Company announced it entered into a hire purchase
agreement for the sale of the vessel Oscar Wilde to buyers MSC
Mediterranean Shipping Company SA for an agreed consideration of EUR28.9
million, payable in instalments over 6 years. The vessel was delivered
to the buyer on 25 April.

At Belfast Port where the Group operates the sole container terminal at
Victoria Terminal Three, a 6 year extension to the current service
concession agreement has been concluded with Belfast Harbour
Commissioners ("BHC"). The arrangement will now extend to September 2026
with an option to extend at the discretion of BHC for a further 3 years
to 2029.

Dublin.

17 May 2019

Enquiries

Eamonn Rothwell, CEO, +353 1 607 5628

David Ledwidge, CFO, +353 1 607 5628

(END) Dow Jones Newswires

May 17, 2019 02:01 ET (06:01 GMT)

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