Irish Continental Group (ICGC) H2 2024 earnings summary

Executive summary

• Revenue grew 5.6% year-over-year to €603.8m, with both Ferries and Container & Terminal divisions contributing to growth.

• EBITDA increased slightly by 0.7% to €133.5m, while operating profit rose 1.0% to €69.1m.

• Adjusted basic EPS remained flat at 35.5c; dividend per share increased 5.0% to 15.54c.

• Net debt post-IFRS16 rose to €162.2m, up €18.5m from prior year, mainly due to lease liabilities.

Financial highlights

• Ferries Division revenue up 5.1% to €433.5m; Container & Terminal Division revenue up 4.8% to €203.5m.

• Group ROACE was 16.9%.

• Operating costs (excluding depreciation) increased 7.0% to €470.3m.

• Free cash flow after strategic capex was €99.4m, up from €85.3m in 2023.

• Fuel costs rose 2.5% to €109.5m, representing 23% of operating costs.

Outlook and guidance

• Holyhead route volumes normalized after a temporary closure in December 2024.

• Space sharing agreement with P&O Ferries on Dover-Calais route fully operational for freight, with passenger implementation pending.

• EU ETS surcharges implemented and passed to customers; further regulatory cost increases expected in 2025.

• Container & Terminal volumes finished strong in 2024 and continued into 2025, but profitability depends on rate market improvement.

• Early 2025: car volumes down 17.0% YTD, RoRo down 4.7% YTD, LoLo up 34.0% YTD, terminal volumes up 10.0% YTD.