Irish Ferries owner Irish Continental Group has reported higher revenues for the early part of the year on the back of strength in its Container and Terminal business.
In a trading update for the year to May 3, ICG said its consolidated group revenue for the period rose by 7.1% to €189.5m from €177m the same time last year.
ICG said the introduction of tariffs by the US has created uncertainty for some trading flows and risks damaging consumer confidence which may lead to some companies deferring investment plans.
“All these factors may dampen world growth prospects,” the company stated.
But it added that due to the strength of its business model and its balance sheet, it continues to avail of macro market weakness to expand its footprint on financially attractive terms.
“Recent examples are the purchase of the James Joyce cruise ferry and the purchase of another container ship,” it added.
ICG said that revenues in its Ferries divison rose dipped by 0.8% to €118.9m from €119.7m the same time last year.
For the year to May 3, the number of cars it carried fell by 7.1% to 140,800 from 151,500, while freight carryings dipped by 0.6% to 259,400 RoRo units from 260,900 units in 2024.
The company said the start of the year was impacted by the closure of Holyhead Port in the UK, which had a detrimental impact on volumes.
“However, with the partial reopening of the Port in mid-January 2025 we have seen a more normalised market. We look forward to the full reopening of the Port on 1 July,” the company added.
Meanwhile, total revenues at its Container and Terminal Division saw a 17.6% increase to reach €80.9m from €68.8m the same time last year.
Container freight volumes shipped jumped by 28.6% to 132,800 teu from 103,300 teu in 2024, it noted.
Volumes handled at ICG’s terminals in Dublin and Belfast totalled 123,500 units, an increase of almost 10% on the 112,500 units last year, the company added.
Shares in the company moved higher in Dublin trade today.
