Irish Ferries owner sees profits and revenue soar as demand for voyage returns increases

Ferry operator Irish Continental Group saw both profits and revenue rise in the first half of the year as the company noted a gradual return to pre-pandemic travel patterns.

Profit before tax for the six months ended June 30, 2022 was €15.4 million. ICG reported a loss of €12.2 million for the same period last year.

Revenue for the Dublin-listed owner of Irish Ferries rose to 263.1 million euros, an 85.8 per cent jump from the same period in 2021.

The volume of transported cars increased by 618.8 percent, with the group transporting 214,200 vehicles in the first six months of 2022.

The total number of passengers was 894,400, an increase of 573.5 percent from the first six months of 2021.

The Dover – Calais service, which began on June 29, 2021, has now been expanded to a three-vessel service since May this year. The route now offers up to 30 departures per day.

ICG said: “This increase in shipments reflects a gradual return to normal travel patterns compared to a full six-month period of travel restrictions in HY 2021 in response to the Covid-19 pandemic.”

The number of freight transports also rose by more than 160.6 percent to 330,200 units in the reporting period.

However, the group also faced the impact of cost inflation, with ICG highlighting the rise in energy prices.

The costs in the first half of the year increased by €80.4 million compared to the first half of 2021. This cost increase was due to the operation of the Dover-Calais route as well as fuel costs.

The group reported that total fuel costs rose to €48.3 million from €17.1 million in the same period last year, reflecting higher prices around the world as well as increased consumption.

“The gradual return of passenger traffic to more historical patterns and continued support for our freight customers, combined with the new Dover – Calais ferry service, propelled half-year 2022 revenue to a record €263.1 million,” said Chairman John B. McGuckian.

“In the near term, however, the group is cautious about inflationary pressures and related macroeconomic implications, as well as the challenges of passing on cost increases through the supply chain,” he added.

https://www.independent.ie/business/irish/irish-ferries-owner-sees-profits-and-revenues-soar-as-demand-for-travel-returns-41936016.html Irish Ferries owner sees profits and revenue soar as demand for voyage returns increases

Fry Electronics Team

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