Irish Ferries owner Irish Continental Group reported a better-than-expected 10.5 per cent increase in earnings in the first half of the year as a strong performance by its container shipments business offset a dip in passenger numbers.
Earnings before interest, tax, depreciation and amortisation (Ebitda) rose to €54.9 million, topping Davy analyst Stephen Furlong’s €52 million forecast, with revenues increasing by 8.5 per cent to €309.9 million.
Shares in ICG were up 0.7 per cent in early trading in Dublin on Thursday.
Car volumes fell 4.4 per cent and passenger numbers declined 3.5 per cent on the year, driven by a reduction in sailings on ICG’s Dover-Calais route and disruptions at Holyhead after the Welsh port was forced to close for several months due to storm damage in December.
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Still, passenger revenues rose 8.6 per cent on the year to €84.5 million.
While Holyhead was partially reopened in January, ICG said that “the risk remains of delays to its full reopening”.
“Completion of repairs by the port owner will require further operational restrictions during September and October of this year and in the first quarter 2026, though it is expected that full services will operate on a modified timetable,” said chairman John McGuckian.
Containers shipped jumped 24.7 per cent on the year, helped by a space-share agreement ICG entered last summer with rival P&O Ferries on the Dover-Calais route. Port lifts in ICG’s terminal division rose 10 per cent.
“In addition, we are seeing the benefit of the additional freight capacity provided by the introduction of the Oscar Wilde on to the route in 2024,” Mr McGuckian said. “The vessel entered service with Irish Ferries in June 2024 and has enhanced both our customer offering on the route and increased capacity.”
ICG, led by chief executive Eamonn Rothwell, signed an agreement in April to buy a vessel that was previously on charter to the group, called the MV James Joyce. This entered services on the Dublin-Holyhead route the following month.
The group also acquired a container ship called CT Endeavor in April. “For a number of years, this has been a key ambition for the group and it is a significant step forward to complete it this year.”
Davy and Goodbody Stockbrokers analysts they now expect ICG to post Ebitda of €145 million for the full year, up from their respective previous forecasts of €142.5 million and €143.1 million.
“Overall, we view this as another very encouraging update from ICG,” said Goodbody analyst Dudley Shanley “This was achieved despite the Holyhead closure at the start of the year and the short-term disruption associated with the fleet development which, in a significant step forward, now leaves the group with all of its ships operating under the Irish Ferries brand owned or under a purchase obligation.”
