Volumes (Year to date, 21 November 2020)
- -66.8% Cars 122,700 (369,700)
- -68% Passengers
- +4.4% RoRo Freight 293,500 (281,200)
- -8.9% Container TEU 287,200 (315,100)
- -11.7% Terminal Lifts 258,600 (293,000)
Financial information for the first ten months of 2020:
Consolidated Group revenue €229 million (-26%)
The Ferries Division has faced challenging trading conditions in its Irish Ferries passenger business following the continuation of travel restrictions. In the year to 21 November car volumes are down 67% with total passenger volumes down 68% compared with 2019. This has had a material impact on passenger revenues, which were 71% lower in the year to 31 October 2020 compared to 2019.
Brexit
The Ferries Division is highly dependent on trade flows between Ireland and the UK. Therefore any slowdown in either economy as a result of the exit of the UK from the EU will likely have an effect on Irish Ferries’ carryings. The company continues to work with all relevant regulatory authorities to ensure that our systems are prepared for the end of the Brexit transition period.
The Group remains in a strong financial position with cash and undrawn committed credit facilities at 31 October of €232.4 million and net debt of €96.7 million (pre-IFRS 16: €63.2 million).
