Irish Ferries: record levels of activity and revenue in 2023

Irish Continental Group (ICG) reported its financial performance for the year ended 31 December 2023.

Highlights:

• Revenue decreased a little (-2.2%) to €572.0 million.
• EBITDA increase of €5.4 million to €132.6 million principally due to a strong performance in the Ferries Division.
• Within the Ferries Division, the recovery in passenger markets, the strong position in freight markets and the introduction of duty-free have lifted the Ferries Division to record levels of activity and revenue.
• Cars +12.6%
• Passengers +20.2%
• RoRo freight units +3.9%
• In May 2023, the Group chartered the Oscar Wilde cruise ferry (ex Tallink Star) for an initial 20 month period with further extension and purchase options. The vessel initially entered service on the Rosslare – Pembroke route, replacing the Blue Star 1. The Group also chartered the Norbay vessel on a short-term basis, replacing the Epsilon which was returned to its owners at the end of its charter.
• Performance in the Container & Terminal Division has been more challenging.
• 2023 was another strong year of cash generation for the Group, further strengthening its balance sheet over the period. Cash generated from operations of €136.7 million (2022: €132.0 million) was used to fund strategic capital expenditure of €21.8 million and returns to shareholders of €45.8 million via a combination of dividends and share buybacks. Net debt at year end fell by €27.4 million to €143.7 million (2022: €171.1 million).