Shares in Irish Ferries owner Irish Continental Group sailed over 6% higher Dublin trade today as it posted a return to profit last year with its annual revenues jumping 75%.
Irish Continental Group reported a profit of €66.7m for the year to the end of December compared to a loss of €200,000 in 2021.
ICG's revenues jumped by 75% to €585m from €334.5m and its basic earnings per share for the year amounted to 33.6 cent.
It said the numbers of cars it carried during the year soared by 181.6% to 573,400 cars from 203,600 cars in 2021 as a result of the lifting of Covid-19 travel restrictions and the expansion to a three ship service on the Dover-Calais route.
Passenger numbers jumped by 246.7% to reach 2,315,000 last year from 667,800 in 2021.
ICG said the RoRo freight market between the Republic of Ireland to the UK and France and the Dover Straits fell slightly in 2022, with the total number of trucks and trailers decreasing by 1.1% to about 4,389,700 units.
Its Irish Ferries' freight carryings, at 696,600 freight units, increased by 140.2% on 2021 on the back of that additional capacity on the Dover-Calais route.
In April, ICG's Dover-Calais service was further expanded by the introduction the Isle of Inisheer on the route.
It said the introduction of the third vessel is the culmination of its planned investment for the route and has made Irish Ferries a genuine alternative for all customers on the Channel route.
Irish Ferries now offers up to 30 sailings a day on the route.
The fleet was also increased with the acquisition of a container vessel, the CT Pachuca, bringing the total owned fleet to six ferries and eight container ships.
ICG's chairman John B McGuckian said the company's operations were now larger than they were pre-pandemic, and while the economic outlook was uncertain, it was expecting further growth this year.
"With the Covid-19 pandemic now behind us, we have turned our full attention to maximising the opportunities that have arisen for the Group over the last two years. We come out of the pandemic with operations larger than we had at its commencement, and with a balance sheet that remains strong," the chairman said.
"2022 saw the completion of our planned fleet investment for the Dover-Calais route. The entry to this route has been a long-term objective for the Group and the expansion to a three ship operation during 2022 allows us to compete effectively on this route," he said.
"While there is some uncertainty around economic growth rates, we look forward to continued growth during 2023 through the leveraging of our recent investments and the continued support of all customers," he added.
Breaking down its divisions, ICG said that revenues at its Irish Ferries unit jumped by 127.9% to €399.9m from €175.5m in 2021, while operating profit was €46.4m compared with a loss of €17.4m in 2021.
Fuel costs for the year came to €104.6m, an increase of €61.5m on 2021.
Irish Ferries operated a total of 13,865 sailings in 2022, up from 6,331 in 2021 with the increase due to additional sailings on the Dover-Calais service as it moved to a three vessel operation during the year.
Meanwhile, revenue in its Container and Terminal Division increased to €221.5m from €174m in 2021, while operating profit grew 18% to €20.3m from €17.2m.
Eucon overall container volumes shipped were down 6.9% compared with the previous year at 322,600 teu (2021: 346,600 teu).
Containers handled at the group's terminals in Dublin Ferryport Terminals (DFT) and Belfast Container Terminal (BCT) were down 4.7% at 319,600 lifts from 335,500 lifts in 2021.
DFT's volumes were down 4.5%, while BCT’s volumes were down 5.1%.
ICG said that while the reduction in volumes was disappointing, it was encouraged by the continued revenue growth in the terminals offsetting the additional costs.
On Brexit, ICG said it remains concerned at the lack of implementation of appropriate checks on goods arriving into Northern Ireland from Britain, which are required under the Northern Ireland Protocol.
"To the extent that goods are destined for the Republic of Ireland, this is causing a distortion in the level playing field as goods that arrive directly into the Republic of Ireland ports from Britain are being checked on arrival," it said.
"The group notes the proposals contained in the recent Windsor Framework, which as yet is not ratified by the UK Government and the EU. We welcome this initiative to introduce appropriate checks on goods moving between Britain and Ireland including movements via ports in Northern Ireland," it added.
Shares in the company moved higher in Dublin trade today.
