March 18, 2021
  • Revenue -22.5% to €277.1 million
  • EBITDA -51.5% to €42.1 million principally due to Covid-19 travel restrictions
  • EBIT -116% to -€10.4 million

Year-end net debt after total capital expenditure of €30.1 million was €88.5 million, 2.1 times EBITDA (pre-non-trading items), and 1.7 times under banking covenant definitions.

Strong financial position with available liquidity comprising cash and committed bank facilities of €240.8 million at 31 December 2020.

Ferry Division: -65.8% cars and -66.3% passengers, but roro freight units went up 7.1% (or 335,000 units in total)


Covid-19 has had a material impact on ICG’s passenger business, and any recovery is unlikely while government restrictions remain in place, however ICG remains hopeful that the rollout of vaccinations will result in a return to international travel in our markets during 2021.

The current demand on the direct routes to the Continent is expected to decrease as importers, exporters and government agencies become more familiar with new requirements following Brexit.

The ICG report says that decline will be in favour of the landbridge, which has the benefits of cost, frequency, time and reliability.