Irish Continental Group (ICG), the parent of Irish Ferries, says revenues have risen 10 per cent jump in the first 10 months of the year to €573 million, despite a fall in car volumes.
In a trading update on Wednesday, the Dublin-listed group said it carried 624,300 cars between January and the end of October, down from 656,100 over the same period in 2023.
However, container freight volumes surged by 16.6 per cent to 338,100, while roll-on/roll-off wheeled cargo volumes increased by 4.9 per cent.
Consolidated revenue across the group – which comprises ICG’s ferries division and its container terminal business – were up 10 per cent to €573 million, according to the update.
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Ferry revenues were up 6.3 per cent to €399.5 million, while container and terminal revenues jumped 16.2 per cent compared with 2024, it said.
Equities analysts described the update as solid.
The fall in car volumes is largely due to a decrease in sailings on the Dover-Calais route, Goodbody Stockbroker analyst Dudley Shanley said, with ICG choosing to give up some of its lower margin car volume to deploy the capacity on its Ireland-France route, said
Group revenues were slightly ahead of Goodbody’s expectations. The brokerage says it expects to upgrade its full-year profit forecast modestly to €145 million from €143 million. Analysts from Davy Stockbrokers said they are likely to keep their €145 million full-year forecast unchanged.
“With ownership of all vessels under the Irish Ferries brand and strong volume developments, ICG is very well placed,” analysts Stephen Furlong and Ava Costello said.
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 Endeavour 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,” it said at the time.
ICG’s share rose 0.7 per cent in early trading in Dublin.
