August 26, 2021
Key highlights in H1, 2021
- Group revenue generated totalling €141.6 million, €10.8 million more than HY 2020
- RoRo freight travel patterns affected by new customs requirements following the exit of the UK from the EU.
- EBIT generated was a loss of €10.3 million, €0.8 million worse than HY 2020.
- EBITDA generated of €12.7 million, €2.7 million more than HY 2020.
- Gross cash balances of €131.1 million (31 December 2020: €150.4 million).
- Net debt at €112.1 million, €23.6 million higher than at the beginning of the year.
- No interim dividend declared (2020: nil).
- Commencement of a new ferry service between Dover (UK) and Calais (France) on 29 June. Second ship to be added in September.
- Further investment in environmentally friendly port equipment at Dublin Ferryport Terminals and increased capacity from 2022.
Commenting on the results, Chairman John B. McGuckian noted;
- Covid-19 pandemic continued to create an exceptionally challenging trading environment for the Group.
- The Group welcomes the introduction of the EU Digital Covid Certificate and the easing of restrictions on non-essential passenger travel, however, the timing of its introduction limits the benefits for the key summer season.
- On 31 December 2020, the UK and EU ended the post Brexit transition period. While trade flows have decreased between Ireland and Britain, our flexible fleet has allowed us to adjust capacity on our direct continental RoRo and container shipping services. While this has led to a reduction in RoRo volumes, the change in yield mix has resulted in increased RoRo revenues. This increase in revenue is particularly encouraging as it is against the backdrop of both the Covid-19 pandemic and the introduction of customs requirements on the Irish Sea.
- Still of concern to the Group is the lack of implementation of appropriate checks on goods arriving into Northern Ireland from Britain, which are required under the Northern Ireland Protocol. To the extent that goods are destined for the Republic of Ireland, this is causing a distortion in the level playing field as goods that arrive directly into the Republic of Ireland ports from Britain are being checked on arrival.
Some figures for ICG subsidiary Irish Ferries
-47.3% Car volumes (‘000) 29.8 (56.6)
-43.2% Passenger volumes (‘000) 132.8 (233.9)
-15.2% RoRo freight volumes (‘000) 126.7 (149.4)