Irish Ferries has posted record passenger and revenue growth for 2023.
Irish Ferries generated revenues of €412.3m for 2023, representing annual growth of 3.1%. Operating profits grew by over 12% to €52.1m.
Earnings – before interest and tax – jumped by 11.7% to just under €107m for the year.
While Irish Ferries shone last year, 2023 proved a challenging year for its parent Irish Continental Group (ICG) – which also owns container and terminal businesses in Dublin and Belfast, and the Eucon freight services line.
On a group basis, ICG suffered a 2.2% decline in annual revenues, in 2023, to €572m. However, operating profit rose by 2.5% to €68.4m; and EBITDA earnings were up 4.2% to €132.6m.
ICG said 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.
ICG chairman, John B. McGuckian, said: “Last year I described 2022 as not just a year of recovery, but of building for long-term sustainable growth and stating our ambition to turn our full attention to maximising the opportunities that have arisen for the group over the last few years. While 2023 did not yet see the maximisation of those opportunities, it did see significant progress towards it; 2023 was another strong year for the Ferries Division and while the Container and Terminal Division experienced challenging trading conditions, the investment and modernisation of our facilities mean we are in an excellent position to capitalise on opportunities in the future.”
