Irish Ferries operator Irish Continental Group (ICG) has released a trading update that covers carryings for the year to date to 7 May 2022 as well as financial information for the first four months of 2022, with comparisons against the corresponding periods both last year and in 2019.
Group Data
According to a statement published on Icg.ie/Investors/Regulatory-News, which noted that all figures are unaudited, ICG consolidated group revenue during the period increased by 80.5% year-on-year and by 57.6% compared to the same period 2019 to €161.2 million; for banking covenant purposes, pre-IFRS 16 net debt figures were €123.2 million, which compared to €84.6 million at year end; including IFRS 16 lease obligations, net debt figures were €174.2 million, which compared to €142.2 million at year end; and the net debt increase is primarily derived from strategic capital expenditure that primarily comprises the acquisition of two vessels.
Ferries Division
The statement published on Icg.ie/Investors/Regulatory-News also noted that total ferries division revenues recorded in the period to 30 April totalled €98.3 million (2021: €37.1 million) (including intra-division charter income), which was a 165.0% increase on the prior year and a 90.1% increase on 2019), with the increase was mainly being due to the easing of travel restrictions as compared to the same period last year, increased fuel surcharges and a new Dover-Calais service that began operating in June of last year; for the year to 7 May, Irish Ferries carried 123,600 cars, which was an increase of 682.3% on the previous year; freight carryings were 223,900 RoRo units, which was an increase of 170.7% compared with last year; excluding volumes on the Dover-Calais route, Irish Ferries carried 65,300 cars, which was an increase of 313.3% on 2021, and 100,800 RoRo freight units, which was an increase of 21.9%); and performance against the prior year in the period since the last ICG trading update to 5 March shows strong growth, with car carryings and RoRo freight (excluding Dover-Calais carryings) being up by 442.4% and 17.2%, respectively, on the same period last year.
AGM Result
Additonally, according to a separate subsequent statement published on Icg.ie/Investors/Regulatory-News, all resolutions proposed were passed on a poll at ICG's AGM in May.
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