Irish Ferries owner Irish Continental Group (ICG) sailed back into profit in the first half of this year, on the back of the removal of international Covid travel restrictions.
The ferries and freight company has reported a pre-tax profit of €15.4m for the six months to the end of June, which compares favourably to a pre-tax loss of €12.2m for the same period last year.
The group said first-half revenues surged by almost 86%, year-on-year, to just over €263m as trade began to more closely resemble life before the Covid crisis.
Irish Ferries carried 894,400 passengers across its ships in the first half of this year and 214,200 cars – respective increases of 573% and 619%.
ICG chairman John B. McGuckian said the performance was “one of significant improvement…following the challenging trading environment over the previous two years, following the imposition by governments of travel restrictions in early 2020 as preventative measures during the Covid-19 pandemic.”
Mr McGuckian said: “The gradual return of passenger travel towards more historic patterns and the continuing support of our freight customers together with the new ferry service on Dover – Calais drove [first half] revenues to a record level of €263.1m. However, the group also had to deal with the challenges of cost inflation particularly energy prices. Nevertheless, the group reported a profit before tax of €15.4m, €27.6m ahead of last year.“
He added: “On a strategic level, the group continues to invest in its businesses, with over €50m expended on strategic assets in the half year period. The Dover – Calais service, which commenced on 29 June 2021, was expanded to a three vessel service in May 2022 and now offers up to 30 sailings per day. We continue the expansion and modernisation of our container terminals with the latest automated and environmentally friendly equipment.
“The improvement in revenue performance has continued to date. However, in the near term, the group is cautious regarding inflation pressures and the associated macro-economic impact together with the challenges in passing cost increases through the logistics chain.”
