29th Nov 2018 10:22
LONDON (Alliance News) - Irish Continental Group PLC on Thursday said that sailing disruptions and schedule changes in the Ferries division resulted in a 1.3% year-on-year drop in group revenue for the first 10 months of 2018.
The company, which operates passenger, freight and container freight services on routes between Ireland, the UK and Continental Europe, recorded group revenue of EUR285.3 million for the 10 months to October-end, down EUR3.6 million on the same period last year.
The Ferries division recorded revenue of EUR172.1 million for the period, down 6.7% year-on-year. The fall in revenue was offset by 8.0% year-on-year increase in the company's Container & Terminal division to EUR120.1 million.
Irish Ferries carried 365,400 cars in the year to November 24, down 7.2% on the previous year on the back of a 7.3% loss in sailings. Freight carryings for period fell 0.8% to 257,000 units.
Container freight volumes shipped were up 2.2% on the previous year at 299,800 twenty foot equivalent units, with the rate of growth of 3.8% in the period since June 30.
Irish Continental said its fuel costs continue to be impacted by higher average fuel prices compared to the prior year and heightened uncertainty over Brexit will affect timing of corporate investment decisions.
Shares in the shipping and transport group were untraded at EUR4.585 each on Thursday.
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