Trading Statement
TRADING UPDATE
Volumes (Year to date, 18 November 2023)
|
2023 |
2022 |
Change vs 2022 |
|
Cars |
588,700 |
524,700 |
+12.2% |
|
RoRo Freight |
639,900 |
616,100 |
+3.9% |
|
Container Freight
(teu) |
248,500 |
291,100 |
(14.6%) |
|
Terminal
Lifts |
277,300 |
286,100 |
(3.1%) |
|
Volumes (since last Trading Update, 26 August
2023)
|
27/8/23-18/11/23 |
27/8/22-18/11/22 |
Change vs 2022 |
Cars |
145,400 |
129,400 |
+12.4% |
RoRo Freight |
179,200 |
173,400 |
+3.3% |
Container Freight
(teu) |
64,300 |
71,100 |
(9.6%) |
Terminal
Lifts |
77,700 |
71,900 |
+8.1% |
Irish Continental Group (ICG) issues this
trading update which covers carryings for the year to date to 18
November 2023 and financial information for the first ten months of
2023, i.e. 1 January to 31 October with comparisons against the
corresponding period in 2022. All figures are unaudited.
Consolidated Group revenue in the period was
€491.4 million, a decrease of 1.8% compared with last year.
Pre-IFRS 16 net debt figures were €113.1 million compared to €128.7
million at prior year end. Including IFRS 16 lease obligations, net
debt figures were €155.2 million compared to €171.1 million at year
end.
Ferries Division
Total revenues recorded in the period to 31
October amounted to €352.9 million (2022: €338.0 million)
(including intra-division charter income), a 4.4% increase on the
prior year.
For the year to 18 November, Irish Ferries
carried 588,700 cars, an increase of 12.2% on the previous year.
Freight carryings were 639,900 RoRo units, an increase of 3.9%
compared with 2022.
Container and Terminal
Division
Total revenues recorded in the period to 31
October amounted to €165.4 million (2022: €190.5 million), a 13.2%
decrease on the prior year. This decrease was predominantly driven
by a reduction in volumes versus the prior period.
For the year to 18 November, container freight
volumes shipped were down 14.6% on the previous year at 248,500 teu
(twenty foot equivalent units), primarily due to a slowdown in deep
sea volumes in the year to date. We have adjusted our capacity to
match the current demand situation. Units handled at our terminals
in Dublin and Belfast decreased by 3.1% year on year to 277,300
lifts.
Recent Developments
There are no significant developments since the
last trading update. The EU Emissions Trading System (EU ETS) is
due to be phased in, starting on 1 January 2024. There is no update
on the UK position on this issue.
Proposed changes in seafarer legislation remain
an agenda item in both the UK and France. These may breach
international and EU laws with the local employment protection
objectives clearly distorting the objective of free movement of
workers within the EU.
Container Volumes
We have been impacted by the weak deep-sea
market in the first half of the year. This has resulted in a
material drop in volumes in our Container and Terminal Division.
This is a result of continued weak export and import levels in
China, the continued effect of over stocking following the Covid-19
pandemic and subsequent supply chain difficulties and the slowdown
in world economic growth. Our flexible business model has allowed
us to adjust our shipping capacity to match the current demand
situation.
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 €584.9
million and EBITDA of €127.2 million.
Dublin.23 November 2023
Enquiries
Eamonn Rothwell, CEO
+353
1 607 5628David Ledwidge,
CFO +353
1 607 5628
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