TIDMIRSH
TRADING UPDATE
Volumes (Year to date, 7 May 2022)
Change
2022 2021 vs 2021 2019
Cars 123,600 15,800 +682.3% 90,900
RoRo Freight 223,900 82,700 +170.7% 105,400
Container Freight (teu) 117,800 124,100 (5.1%) 125,000
Terminal Lifts 115,100 114,800 +0.3% 115,700
Volumes -- Legacy Routes (Year to date, 7 May 2022)
Change
2022 2021 vs 2021 2019
Cars 65,300 15,800 +313.3% 90,900
RoRo Freight 100,800 82,700 +21.9% 105,400
Volumes (since last Trading Update, 5 March 2022)
Change 6/3/19-
6/3/22-7/5/22 6/3/21-7/5/21 vs 2021 7/5/19
Cars 87,700 8,500 +931.8% 58,100
RoRo Freight 129,900 44,300 +193.2% 55,800
Container Freight (teu) 60,700 60,200 +0.8% 62,000
Terminal Lifts 59,300 58,600 +1.2% 58,000
Volumes -- Legacy Routes (since last Trading Update, 5 March
2022)
Change 6/3/19-
6/3/22-7/5/22 6/3/21-7/5/21 vs 2021 7/5/19
Cars 46,100 8,500 +442.4% 58,100
RoRo Freight 51,900 44,300 +17.2% 55,800
Irish Continental Group (ICG) issues this trading update which
covers carryings for the year to date to 7 May 2022 and financial
information for the first four months of 2022, i.e. 1 January to 30
April with comparisons against the corresponding periods in 2021
and 2019. All figures are unaudited.
Consolidated Group revenue in the period was EUR161.2 million,
an increase of 80.5% compared with last year and a 57.6% increase
on 2019. For banking covenant purposes, pre-IFRS 16 net debt
figures were EUR123.2 million compared to EUR84.6 million at year
end. Including IFRS 16 lease obligations, net debt figures were
EUR174.2 million compared to EUR142.2 million at year end. The
increase in net debt is primarily derived from strategic capital
expenditure mainly comprising the acquisition of two vessels.
Ferries Division
Total revenues recorded in the period to 30 April amounted to
EUR98.3 million (2021: EUR37.1 million) (including intra-division
charter income), a 165.0% increase on the prior year (90.1%
increase on 2019). The increase was principally due to the easing
of travel restrictions as compared to the same period last year,
increased fuel surcharges and the new Dover -- Calais service which
commenced in June 2021.
For the year to 7 May, Irish Ferries carried 123,600 cars, an
increase of 682.3% on the previous year. Freight carryings were
223,900 RoRo units, an increase of 170.7% compared with 2021.
Excluding volumes on the Dover -- Calais route, Irish Ferries
carried 65,300 cars (an increase of 313.3% on 2021) and 100,800
RoRo freight units (an increase of 21.9%).
Performance against the prior year in the period since our last
trading update to 5 March shows strong growth, with car carryings
and RoRo freight (excluding Dover -- Calais carryings) up 442.4%
and 17.2% respectively on the same period in 2021.
Container and Terminal Division
Total revenues recorded in the period to 30 April amounted to
EUR71.7 million (2021: EUR56.4 million), a 27.1% increase on the
prior year (34.8% increase on 2019). This increase was
predominantly driven by the pass through of increased fuel costs
and vessel charter rates.
For the year to 7 May, container freight volumes shipped were
down 5.1% on the previous year at 117,800 teu (twenty foot
equivalent units), primarily due to weather related disruption in
the first quarter of the year. Units handled at our terminals in
Dublin and Belfast increased 0.3% year on year to 115,100
lifts.
Recent Developments
The Group's cost base has been affected by higher global prices,
particularly fuel prices and charter rates. In order to maintain
adequate returns to drive future development it has been necessary
to pass these increased costs through to customers.
The Isle of Inisheer entered service on the Dover -- Calais
route on 26 April 2022, having undergone drydocking and branding
changes following its delivery in January 2022.
In March, the Group acquired a container vessel, the CT Pachuca.
This brings to eight the total number of container vessels owned by
the Group. The vessel entered service with Eucon upon delivery.
Dublin Ferryport Inland Depot has been operational since January
2022, allowing for the storage and handling of empty containers
off-site. This has facilitated the commencement of the next stage
of our plans to increase container handling capacity at Dublin
Ferryport Terminals.
Dublin.
11 May 2022
Enquiries
Eamonn Rothwell, CEO +353 1 607 5628
David Ledwidge, CFO +353 1 607 5628
(END) Dow Jones Newswires
May 11, 2022 02:00 ET (06:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Irish Continental (LSE:ICGC)
Historical Stock Chart
From May 2024 to Jun 2024
Irish Continental (LSE:ICGC)
Historical Stock Chart
From Jun 2023 to Jun 2024