Irish Continental Trading Statement
May 11 2023 - 2:00AM
UK Regulatory
TIDMIRSH
TRADING UPDATE
Volumes (Year to date, 6 May 2023)
Change
2023 2022 vs 2022
Cars 129,600 122,400 +5.9%
RoRo Freight 229,200 222,200 +3.2%
Container Freight (teu) 100,100 116,300 (13.9%)
Terminal Lifts 104,700 114,200 (8.3%)
Irish Continental Group (ICG) issues this trading update which
covers carryings for the year to date to 6 May 2023 and financial
information for the first four months of 2023, i.e. 1 January to 30
April with comparisons against the corresponding period in 2022.
All figures are unaudited.
Consolidated Group revenue in the period was EUR163.4 million,
an increase of 1.4% compared with last year. For banking covenant
purposes, pre-IFRS 16 net debt figures were EUR124.9 million
compared to EUR128.7 million at year end. Including IFRS 16 lease
obligations, net debt figures were EUR160.7 million compared to
EUR171.1 million at year end.
Ferries Division
Total revenues recorded in the period to 30 April amounted to
EUR106.9 million (2022: EUR98.3 million) (including intra-division
charter income), an 8.7% increase on the prior year.
For the year to 6 May, Irish Ferries carried 129,600 cars, an
increase of 5.9% on the previous year. Freight carryings were
229,200 RoRo units, an increase of 3.2% compared with 2022.
Container and Terminal Division
Total revenues recorded in the period to 30 April amounted to
EUR69.6 million (2022: EUR71.7 million), a 2.9% decrease on the
prior year. This decrease was predominantly driven by a reduction
in volumes versus the prior period.
For the year to 6 May, container freight volumes shipped were
down 13.9% on the previous year at 100,100 teu (twenty foot
equivalent units), primarily due to a slowdown in deep sea volumes
in the first four months of the year. We have adjusted our capacity
to match the current demand situation. Units handled at our
terminals in Dublin and Belfast decreased 8.3% year on year to
104,700 lifts.
Recent Developments
On 5 May 2023, the Group took delivery of the Oscar Wilde (ex
Tallink STAR) from Tallink Grupp. The Group signed a long-term
bareboat charter agreement for a firm period of 20 months with the
possibility to extend the charter by 2 + 2 years. The agreement
also gives the Group purchase options over the vessel. The Oscar
Wilde will be the largest and fastest passenger cruise ferry on the
Irish Sea with an impressive capacity of over 2,080 passengers, 134
cabins, and ample space with over 2,380 lane meters for cars,
coaches, and freight vehicles and a service speed of up to 27
knots. With the largest duty-free shopping space for any cruise
ferry on the Irish Sea of more than 17,000 square feet, it will be
an ideal shopping destination for those travelling between Ireland
and Britain. The Oscar Wilde will initially enter service on the
Rosslare -- Pembroke route in early June, replacing the chartered
Blue Star 1 for the busy summer period.
We expect 2023 will see a continuation of the trend of freight
customers returning to the landbridge and we are hopeful that the
Windsor Framework will remove the distortion from the
non-implementation of the Northern Ireland Protocol. We welcome
recent calls for the establishment of Green Lanes on ferry routes
between the UK and the Republic of Ireland, for traffic destined
for Northern Ireland. We believe that the arrangements proposed for
Northern Ireland -- Great Britain trade can be equally applied to
allow trade to route via the Republic of Ireland. If a trader can
be trusted to enter Northern Ireland and not enter the Republic of
Ireland, then it would appear logical that the trader can be
equally trusted to enter via the Republic of Ireland and go
directly to Northern Ireland. This would allow Northern Ireland
goods to travel via the shortest, most efficient, and
environmentally friendly route. We have written to both the Irish
Government and the European Union to urge them to consider the
introduction of this proposal.
About Irish Continental Group
Irish Continental Group (ICG) is the leading Irish-based
maritime transport group. We carry passengers and cars, Roll on
Roll off (RoRo) freight and Container Lift on Lift off (LoLo)
freight on routes between Ireland, Britain and Continental Europe.
We also operate container terminals in the ports of Dublin and
Belfast. The Group also carries out ship chartering activities. For
the year ended 31 December 2022, ICG reported revenue of EUR584.9
million and EBITDA of EUR127.2 million.
Dublin.
11 May 2023
Enquiries
Eamonn Rothwell, CEO +353 1 607 5628
David Ledwidge, CFO +353 1 607 5628
(END) Dow Jones Newswires
May 11, 2023 02:00 ET (06:00 GMT)
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