Irish Continental Trading Statement
23 November 2023 - 6:00PM
UK Regulatory
TIDMIRSH
TRADING UPDATE
Volumes (Year to date, 18 November 2023)
Change vs
2023 2022 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)
Change vs
27/8/23-18/11/23 27/8/22-18/11/22 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 EUR491.4 million, a
decrease of 1.8% compared with last year. Pre-IFRS 16 net debt
figures were EUR113.1 million compared to EUR128.7 million at prior
year end. Including IFRS 16 lease obligations, net debt figures
were EUR155.2 million compared to EUR171.1 million at year end.
Ferries Division
Total revenues recorded in the period to 31 October amounted to
EUR352.9 million (2022: EUR338.0 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
EUR165.4 million (2022: EUR190.5 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 EUR584.9
million and EBITDA of EUR127.2 million.
Dublin.
23 November 2023
Enquiries
Eamonn Rothwell, CEO +353 1 607 5628
David Ledwidge, CFO +353 1 607 5628
(END) Dow Jones Newswires
November 23, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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