Irish Continental Group (ICG) issued a trading update which covers carryings for the year to date to 23 November 2019 and financial information for the first ten months of 2019.
Consolidated Group revenue in the period was €308.8 million, an increase of €23.5 million or 8.2% compared with last year. While increases were achieved across all of the Group’s revenue streams, a significant proportion of the improvement arises in the Ferries Division from the improved schedule integrity following the prior year disruptions.
The overall effect of the continuing uncertainty about Brexit is generating negative impact on consumer sentiment and trade flows as investment decisions are delayed.
Ferries Division: Total revenues recorded in the period to 31 October amounted to EUR 184.3 million, a 7.1% increase on the prior year. This increase was driven by schedule changes, additional cruise ferry capacity following the entry into service of the W.B. Yeats in January replacing the previous Oscar Wilde and improved schedule integrity following the significant disruptions in the second half of 2018.
For the year to 23 November:
+10.5% roro units
A second cruise ferry is being built in Flensburg, with a contracted delivery of late 2020. It is intended that this vessel will service the Dublin/Holyhead route alongside the existing Ulysses with the chartered Epsilon being returned to its owners.