August 31, 2024
Here are the financial highlights from the Irish Continental Group’s H1 Financial Report for the half-year ended 30 June 2024:
- Revenue Growth: The Group’s revenue increased by 8.1% to €285.5 million, up from €264.0 million in the same period in 2023.
- EBITDA Stability: EBITDA slightly increased by 1.4% to €49.7 million, compared to €49.0 million in HY 2023, indicating stable operational efficiency.
- Operating Profit Improvement: Operating profit rose by 7.4% to €17.4 million from €16.2 million in HY 2023.
- Profit Before Tax: The Group reported a profit before tax of €14.6 million, an increase of 4.3% from €14.0 million in HY 2023.
- Earnings Per Share: Basic earnings per share grew by 10.7% to 8.30 cents from 7.50 cents in HY 2023, reflecting improved profitability per share.
- Interim Dividend: An interim dividend of 5.11 cents per share was declared, a 5.0% increase from the 4.87 cents per share in HY 2023.
- Net Debt: Net debt increased by 28.7% to €211.7 million, primarily due to the acquisition of the OSCAR WILDE ferry on a charter with a purchase obligation.
- Volume Growth: The Ferries Division saw significant growth in volumes, with car carryings up by 21.0% and RoRo freight units increasing by 10.5%.
- Container and Terminal Division: This division experienced an 8.7% increase in containers shipped and port lifts, though profitability was down due to lower rates and higher costs.
- Strategic Developments: The Group strengthened its position on the Dover-Calais route through a space charter agreement with P&O Ferries and the acquisition of the Oscar Wilde ferry.
- Cost Management: Operating costs increased by 7.8% to €188.1 million, with notable increases in fuel costs and expenses related to the EU Emission Trading System.
- Strong Liquidity Position: Despite the increase in net debt, the Group maintained a strong liquidity position with cash balances of €51.2 million.
Strong performance of Irish Ferries:
- Revenue Growth: The Ferry Division’s revenue increased by 9.9% to €197.6 million, up from €179.8 million in HY 2023.
- Operating Profit Surge: Operating profit nearly doubled, rising by 79.2% to €9.5 million from €5.3 million in the same period last year.
- Passenger Revenue Increase: Passenger revenues surged by 16.8%, driven by a 21.9% increase in passenger carryings, totaling over 1.33 million passengers.
- Car Volume Growth: Car volumes rose by 21.0% to 277,200 units, reflecting strong demand for travel.
- Freight Revenue and Volume Expansion: RoRo freight volumes grew by 10.5%, contributing to a 13.3% increase in freight revenues.
- Strategic Fleet Expansion: The introduction of the Oscar Wilde ferry on the Dover-Calais route enhanced capacity and service, contributing to overall growth.
- Market Share and Recovery: The division’s performance underscores its ability to capture market share in a recovering travel market post-pandemic.
- Strong Outlook: These results position Irish Ferries for continued growth and success in the second half of the year.
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