Breakdown Of ULYSSES Affects Irish Continental Group H1 Results

More freight (+4.0%) and less passengers (-1.0%). That is the estimate of market development on shipping routes serving the Republic of Ireland. Unfortunately Irish Ferries suffered from a major disruption due to technical difficulties affecting the flagship vessel ULYSSES, with less ro-ro capacity in June. Because of that, Irish Ferries could not absorb the potential of the growing freight market.

The sale of JONATHAN SWIFT and KAITAKI also caused a reduction in charter fees. Hence the EBITDA reduction of €3.5m principally due to an EBITDA reduction of €3.6 million charter fees.

+14.3% Fuel costs increase to €22.4 million

Delay in delivery of W.B. YEATS cruise ferry by shipbuilder affected planned schedules in 2018.

Irish Continental Group H1 Results summary

+0.7%  Revenue €157.2m (€156.1m)
-11.8% EBITDA (pre non-trading items) €26.1m (€29.6m)
-37.8% EBIT (including non-trading items) €30.1m (€48.4m)

Irish Ferries H1 Results summary

-3.0%   Revenue €90.9m (€93.7m)
-17.9% EBITDA (pre non-trading items) €18.8m (€22.9m)
-44% EBIT (including non-trading items) €24.1m (€43.0m)

Operational Highlights

-2.1% Cars 170,900 (174,500)
-2.9% Passengers 679,700 (700,400)
+3.2% Ro-ro freight 143,100 (138,600)