Irish Ferries owner sees slight revenue growth despite Holyhead Port closure
Irish Ferries brand owner Irish Continental Group (ICG) said revenue grew 7.1 per cent for the first four months of the year, driven by growth in their container freight division amid 'uncertainty' caused by the introduction of tariffs.
ICG said consolidated group revenue rose to €189.5 million in the period, having stood at €177 million in the same period of 2024 but warned that economic uncertainty 'may damped world growth prospects'.
The company sees the 'uncertainties created in the macro environment by tariffs as opportunities,' Eamonn Rothwell, the chief executive of the group, said.
'We bought two ships in the last few weeks at really good deals because there was nervousness about the macro,' he said referring to the company's purchase of the James Joyce cruise ferry and an additional container ship.
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The group said the rise in its net debt to €247.9 million since the end of 2024 when it stood at €162.2 million, was 'due primarily to the vessel acquisitions [ ...] and share buy-backs during the period'.
The group said there had been a decrease in revenue at its ferries division, from €119.7 million during the first four months of 2024, to €118.8 million due to the 'detrimental impact' of the closure of Holyhead Port.
Ferry services at the port were suspended following damage caused by Storm Darragh at the start of December, one of piers reopened to ferry traffic in January.
'The beginning of 2025 was impacted by the closure of Holyhead Port,' the company said in a trading update issued to shareholders at its AGM.
'This has had a detrimental impact on volumes in the Ferries Division,' the company said and noted that the partial reopening of the port has led to a 'more normalised market' and welcomed the planned full-reopening of the port on 1st of July.
The maritime transport group's container freight division saw a 28.6 per cent growth in volume year to date and an increase of 17.6 per cent in revenue for the division.
'Some of that growth,' chief executive said, 'is undoubtedly due to people moving goods before tariffs kicked in, so some of it might be inflated and could unwind a little bit as tariffs come in, but I still think fundamentally there has been underlying growth in the container business.'
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