Irish Continental Trading Statement
November 24 2021 - 2:00AM
UK Regulatory
TIDMIRSH
TRADING UPDATE
Volumes (Year to date, 20 November 2021)
Change
2021 2020 v 2020 2019
Cars * 176,500 122,300 +44.3% 369,000
RoRo Freight * 254,200 292,300 -13.0% 280,100
Container Freight (teu) 316,300 286,300 +10.5% 313,100
Terminal Lifts 301,400 257,700 +17.0% 291,200
Volumes (since last Trading Update, 21 August 2021)
Change 22/8/19-
22/8/21-20/11/21 22/8/20-20/11/20 v 2020 20/11/19
Cars * 98,600 36,400 +170.9% 95,600
RoRo Freight * 85,900 94,500 -9.1% 82,600
Container Freight
(teu) 89,700 85,900 +4.4% 89,900
Terminal Lifts 87,100 76,400 +14.0% 83,700
(* carryings across all ferry routes, including start-up Dover
-- Calais route)
Irish Continental Group (ICG) issues this trading update which
covers carryings for the year to date to 20 November 2021 and
financial information for the first ten months of 2021, i.e. 1
January to 31 October with comparisons against the corresponding
period in 2020. All figures are unaudited.
Consolidated Group revenue in the period was EUR279.7 million,
an increase of EUR50.2 million or 21.9% compared with last year.
This was partially offset by an increase in costs, primarily fuel
which increased by EUR17m (60%) versus 2020 due to increased
sailings and higher global prices.
Ferries Division
The Ferries Division has seen improved trading conditions in its
passenger business following the easing of travel restrictions
across the EU in mid-July with the introduction of the EU Digital
Covid Certificate and with Brexit negatively impacting freight
volumes but positively impacting freight revenue as more freight
customers take the longer direct route to France.
Total revenues recorded in the period to 31 October were
EUR144.5m, up 24%.
On a like for like basis (excluding Dover-Calais) over the same
period, compared with 2020
-- ro-ro volumes are down 20% but ro-ro revenue is flat as more customers
use our Dublin-Cherbourg route where rates are higher given the longer
journey time
-- car volumes are up 16%
The impact of Covid related restrictions has had a significant
impact on Passenger traffic with car volumes year to date on a like
for like basis (excluding Dover Calais) down 61% compared with 2019
but reassuringly with the easing of restrictions car volumes in the
period 22(nd) Aug to 20(th) November 21 were only down 22% compared
with the same period in 2019.
Container and Terminal Division
The Container and Terminal Division continues to perform
strongly. In the year to 20 November container shipments are up
10.5% with container lifts at our terminals in Dublin and Belfast
up 17.0%.
Total revenue in the division to 31 October was EUR146.5
million, an increase of 20.8% on the prior year. However, this was
partially offset by increased fuel and supply chain costs.
Recent Developments
The Group is pleased to announce that it has entered into an
agreement for the purchase of the ro-pax ferry Ciudad de Mahon from
Trasmed GLE. Title to the vessel will transfer to ICG on delivery
which is expected by late January 2022. The vessel will serve the
Dover - Calais route operated by Irish Ferries after dry docking
and branding changes.
The Company commenced services on the Dover Calais route on 29
June 2021 with the Isle of Inishmore. The Isle of Innisfree
(ex-Calais Seaways) was delivered to the Group on 3 November 2021.
She is currently undergoing drydocking and is expected to commence
services on the route during December. The Ciudad de Mahon is
expected to commence services in the first quarter of 2022. The
introduction of these two vessels, representing a total investment
of EUR35.5m, alongside the Isle of Inishmore completes our
previously announced plan to introduce three vessels on the Dover -
Calais route. This will allow Irish Ferries to offer up to 30
sailings per day on the route with sailings in each direction
approximately every 90 minutes.
Dublin Ferryport Terminals expect to commence operations at the
new inland port container facility during December. This will
facilitate increased capacity at the quayside container terminal at
Dublin Port during 2022 with the construction of additional
container stacks and the addition of 2 electrically powered
remotely operated rubber-tyred gantries (RTGs), with a further 3
RTGs scheduled for later delivery as replacement for existing
diesel units.
The Group acknowledges its stakeholder responsibilities to
operate in a manner that minimises climate impacts and continues to
establish and enhance its processes and initiatives to achieve
sustainable development in line with its environmental framework.
The Group is closely monitoring current industry developments at
the European Union and International Maritime Organization and will
adjust its strategy accordingly to achieve, at a minimum, all
required targets. Further information on the Group's sustainability
practices and performance will be disclosed in Annual Report
2021.
The Group remains in a strong financial position with cash and
undrawn committed credit facilities at 31 October of EUR142.4
million and net debt of EUR114.4 million (pre-IFRS 16: EUR64.1
million).
END.
Dublin
24 November 2021
Enquiries
Eamonn Rothwell, CEO Tel +353 1 607 5628 Email: https://www.globenewswire.com/Tracker?data=nBCiToJpJEv6EygWjwuBYH-HhlzcoJrAhKaI0-qIBGIPYbPpn3ox2_WRAXgvSxj93O4DUj7gKKbEOKkq5BZwZw== info@icg.ie
David Ledwidge, CFO Tel +353 1 607 5628 Email: https://www.globenewswire.com/Tracker?data=nBCiToJpJEv6EygWjwuBYEZF2HTWUr2Gau1Yh0xz7_pSTzH9oh_gcUOWsf82LMFTEQb4tq2tPgGHrV7JE9G0lg== info@icg.ie
Q4 Public Relations Tel +353 1 475 1444 Email: https://www.globenewswire.com/Tracker?data=L2P9z5pg2TTofGIZar-fbdF_yBmwpDgoft3ryivsMKq9Np53HaZ-yMTmlK50agkTysCon7GgT1Nrr5omVnEONQ== press@q4pr.ie
(END) Dow Jones Newswires
November 24, 2021 02:00 ET (07:00 GMT)
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