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Ferry operator Irish Continental Group PLC on Wednesday said revenue was up as cars carried and roll-on/roll-off freight ship volumes increased, while it was successful in passing through most price increases so far.
The Dublin-based shipping and transport group said its consolidated revenue in the first 10 months of 2022 was €500.5 million, up 79% from €279.6 million a year prior.
Car volumes between January 1 and November 19 multiplied to 525,600 from 176,400 a year prior, while RoRo freight volumes similarly grew to 618,000 from 253,500.
Irish Continental said it had been successful so far in passing through most price increases, but expressed concern at the level of inflation and interest rates it and its customers face.
‘While fuel prices may ease versus earlier in the year with the expected slowdown in economic activity, other costs in the business have increased,’ said Irish Continental, adding this caution was offset by the assumption of the worst of the pandemic being over and the return of ‘some normality’ to its markets.
It said the recent weakness in deep sea container movements was ‘not unexpected’, as it is usually a leading indicator for economic slowdown.
Shares in Irish Continental were up 4.5% to 375.00 pence in London on Wednesday morning.
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