Irish Continental Trading Statement

 
TIDMIRSH 
 
 
 
   TRADING UPDATE 
 
   Volumes (Year to date, 8 May 2021) 
 
 
 
 
                                             Change 
                           2021     2020     vs 2020   2019 
Cars                       15,900   42,400    -62.5%   92,300 
RoRo Freight               83,500  103,000    -18.9%  106,500 
Container Freight (teu)   125,000  112,200    +11.4%  126,100 
Terminal Lifts            115,700  104,000    +11.3%  116,700 
 
 
 
 
   Volumes (since last Trading Update, 7 March 2021) 
 
 
 
 
                                                         Change   7/3/19- 
                          7/3/21-8/5/21  7/3/20-8/5/20   vs 2020   8/5/19 
Cars                              8,500         12,100    -29.8%   58,600 
RoRo Freight                     44,300         46,800     -5.3%   55,800 
Container Freight (teu)          59,900         53,600    +11.7%   62,100 
Terminal Lifts                   58,600         51,700    +13.3%   59,200 
 
 
 
   Irish Continental Group (ICG) issues this trading update which covers 
carryings for the year to date to 8 May 2021 and financial information 
for the first four months of 2021, i.e. 1 January to 30 April with 
comparisons against the corresponding period in 2020 and 2019. All 
figures are unaudited. 
 
   Consolidated Group revenue in the period was EUR89.3 million, an 
increase of 0.4% compared with last year and a 12.7% decrease on 2019. 
For banking covenant purposes pre-IFRS 16 net debt figures were EUR60.7 
million compared to EUR50.0 million at year end. The increase in net 
debt is primarily derived from maintenance capital expenditure which is 
carried out at the beginning of the year. 
 
   Ferries Division 
 
   Total revenues recorded in the period to 30 April amounted to EUR37.1 
million (including intra-division charter income), a 9.4% decrease on 
the prior year (28.3% decrease on 2019). The decrease was principally 
due to the continued restrictions on non-essential passenger travel 
imposed by governments across Europe in response to the COVID-19 
pandemic. This was partially offset by an increase in freight revenues. 
Total freight revenues in the period to 8 May 2021 increased by 5.2% 
over the same period in the prior year and decreased by 1.0% versus the 
same period in 2019. 
 
   For the year to 8 May, Irish Ferries carried 15,900 cars, a decrease of 
62.5% on the previous year. Freight carryings were 83,500 RoRo units, a 
decrease of 18.9% compared with 2020. Performance against the prior year 
in the period since our last trading update up to 6 March shows an 
improving trend, with car carryings and RoRo freight down 29.8% and 5.3% 
respectively on the same period in 2020. The impact of reduced freight 
carryings has been offset by higher revenue yields as more of our 
customers availed of our direct services to the Continent. 
 
   Container and Terminal Division 
 
   Total revenues recorded in the period to 30 April amounted to EUR56.4 
million, an 11.9% increase on the prior year (6.0% increase on 2019). 
This increase was driven by greater capacity and higher volumes. 
 
   For the year to 8 May container freight volumes shipped were up 11.4% on 
the previous year at 125,000 teu (twenty foot equivalent units) achieved 
through increased load factors and additional capacity. Units handled at 
our terminals in Dublin and Belfast increased 11.3% year on year to 
115,700 lifts. The improvement in volumes versus the corresponding 
period in the prior year can also be attributed in part to the initial 
disruption caused by COVID-19 in March/April 2020. 
 
   Recent Developments 
 
   ICG welcomes the recent comments made by the Irish Government about the 
reintroduction of unrestricted travel in the Common Travel Area between 
Britain and Ireland. ICG would urge the Irish Government to prioritise 
this against the background of low COVID-19 infection rates and 
increasing vaccination levels. It should be noted that the UK Government 
during this pandemic has never imposed requirements for testing or 
quarantine for people travelling from anywhere in Ireland to Britain. 
Urgent clarity is needed regarding dates so that ICG can ensure it is 
ready from an operational perspective. 
 
   On 26 March, ICG subsidiary Irish Ferries announced that it would 
commence a new ferry service on the Dover -- Calais route. Plans are 
significantly advanced with a view to commencing this service during 
summer 2021. 
 
   Dublin. 
 
   12 May 2021 
 
   Enquiries 
 
   Eamonn Rothwell, CEO,                                         +353 1 607 5628 
 
 
   David Ledwidge, CFO,                                        +353 1 607 5628
(END) Dow Jones Newswires
May 12, 2021 02:00 ET (06:00 GMT)
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