Color Group H1 Interim Report

By 1 September 20232023 Newsletter week 35
September 1, 2023

Key highlights H1:

  • Group revenue generated totalling €264.0 million, €0.9 million more than H1, 2022.
  • Operating profit generated was €16.2 million, compared to an operating profit of €17.4 million in H1, 2022.
  • EBITDA generated of €49.0 million, €1.7 million more than H1, 2022.
  • Gross cash balances of €35.0 million (31 December 2022: €39.0 million).
  • Net debt at €164.5 million, €6.6 million lower than at the beginning of the year.
  • The Directors have declared an interim dividend of 4.87 cent per share (2022: 4.64 cent) payable on 6 October 2023 to shareholders on the register on 15 September 2023.
  • In May 2023, the Group chartered the OSCAR WILDE cruise ferry (ex Tallink’s STAR) for an initial 20-month period with further extension options. The vessel entered service on the Rosslare – Pembroke route, replacing the BLUE STAR 1.
  • Further investment in environmentally friendly port equipment at Dublin Ferryport Terminals with final commissioning of new heavy plant machinery including a new ship-to-shore crane.


Financial summary ICG    
H1 2023 H1 2022 Change %
Revenue €264.0m €263.1m +0.3%
EBITDA*** €49.0m €47.3m +3.6%
Operating profit €16.2m €17.4m -6.9%
Profit before tax €14.0m €15.4m -9.1%
Basic earnings per share 7.50c 8.00c -6.3%
Interim dividend 4.87c 4.64c +5.0%
Net debt*** €164.5m €154.5m +6.5%
Net debt (pre-IFRS 16)*** €116.6m €105.9m +10.1%

“H1, 2023 has been a successful period for Irish Continental Group. We have benefited from the continued normalisation in passenger travel levels post pandemic in all our markets, growth in our Ro-Ro freight carryings and the strengthening of our position on the Dover – Calais route.”

“This continued return of passenger travel alongside the continued support of our freight customers on both our old and new routes resulted in the highest ever revenue levels in the Ferries Division. This has been partially offset by a reduction in revenues in the Container and Terminal Division which has been impacted by a significant drop in container volumes due primarily to a weakness in the deep-sea market. Despite this, the Group reports a record level of revenue in the period of €264.0 million.”

Irish Continental Group Chairman, John B. McGuckian

Volume movements ICG
H1 2023
H1 2022
Change %
Cars 229.1 214.2 +7.0%
RoRo freight 348.2 330.2 +5.5%
Containers shipped (teu*) 142.3 169.3 -15.9%
Port lifts 152.5 164.9 -7.5%

Ferries Division

Financial Summary Ferries Division
H1 2023 H1 2022 Change %
Revenue* €179.8m €167.9m 7.10%
EBITDA €33.3m €29.8m 11.70%
Operating profit €5.3m €5.7m -7.00%

* Includes intersegment revenue of €16.7 million (HY 2022: €15.2 million) (FY 2022: €35.3 million)

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