The Irish Continental ferries group experienced a slight decrease in revenue by over 2% in 2023, however the ferries division bolstered earnings with stronger results. The company’s preliminary results demonstrated a drop in revenue to €572 million, a decrease of around €13 million. Nonetheless, there was a €5.4 million increase in earnings before interest, tax, depreciation and amortisation which landed at €132.6 million.
Irish Continental highlighted that the ferries division had undergone significant transformation in recent years, with increased passenger and freight market share as well as the introduction of duty-free contributing to revenue.
Whilst the group experienced challenges in the container and terminal business division, with weakening export and import levels in China and supply chain difficulties impacting volumes, this followed a period of exceptional growth and success in past years. Maintaining strong profitability, the company was able to capitalise on its adaptable cost base amidst reduced demand and activity levels. Over the course of the year, the group completed their expansion and modernisation of their container terminals.
Group Chairman, John B McGuckian, stated that they had made considerable progress towards optimising their opportunities, and while the maximisation of these opportunities may not have occurred in 2023, it was certainly a year that demonstrated significant steps forward. He affirmed that, even with challenging conditions in the Container and Terminal Division, the group is well-placed to seize future opportunities due to their facility modernisation and investment. He reinforced that the strength of their balance sheet allows them to pounce on opportunities as and when they appear.
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