Irish Continental Group (ICG), the Dublin-listed parent of Irish Ferries, posted a 7.4 per cent increase in operating profit in the first half of the year to €17.4 million as car and passenger numbers grew.
The group said that the growth took place against the backdrop of a return of travel towards pre-pandemic levels and activity on its Dover-Calais route, which it launched three years ago in the wake of Brexit, and which continued to increase.
In May, the group, led by long-time chief executive Eamonn Rothwell, chartered the Oscar Wild cruise ferry – previously known as Spirit of Britain – for an initial two-year period, with a purchase obligation at the end of May 2026. The vessel entered service in June on the Dover-Calais route, replacing the Isle of Innisfree which is now operating between Rosslare and Pembroke.
Cars carried by ICG’s ferries division rose 21 per cent in the first half to 227,200 compared with the same period last year, while passenger numbers increased at a similar pace to 1.33 million. Roll-on, roll-off freight volumes rose 10.5 per cent.
Containers shipped by the group increased by 8.7 per cent to 154,000 twenty-foot equivalent units.
Total revenues advanced 8.1 per cent to €285.5 million, while the board declared an interim dividend of 5.11 cents per share, equating to a €16.3 million total outlay. Mr Rothwell, who owns 18.9 per cent of the group and has served as chief executive for the past 32 years, is the biggest beneficiary of the payout.
“ICG delivered a strong set of first-half results,” said Dudley Shanley, an analyst at Goodbody Stockbrokers. “Despite a challenging macro[-economic] backdrop, the ferries division continues to benefit from the normalisation of travel and from continued growth on Dover-Calais. Container and terminals had a tougher first half, but trends improved through the half.”
Davy analyst Stephen Furlong noted that ICG’s net debt at €211.7 million at the end of June was €68 million higher than at the beginning of the year, owing primarily to the lease liabilities on the Oscar Wilde vessel.
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