Shares in ICG sank 5% as the Irish Ferries-owner signalled up the uncertainty it faces from the fall in sterling that may put off British tourists travelling across the Irish Sea.
ICG earns most of its revenues from ferry and freight crossings and its Eucon container business in Dublin and Belfast and is one of the Irish companies that are vulnerable to Brexit uncertainty. Investors focussed on the company’s Brexit warning, as new results for the first six months and a trading bulletin up to August 24 were more difficult than usual to disentangle.
Among the changes was the late start in January of the new WB Yeats ship and its subsequent switch to the Cherbourg route; the end of the Dublin Swift service to Wales in the winter months; the pullback of a plan for a summer Oscar Wilde service from Rosslare and the resumption of a full schedule of the Ulysses after severe technical problems; as well as a rise in fuel costs of €2.4m from the first half in 2018.
Nonetheless, it said all its divisions performed well with revenues up by over 6% in the first half to €166.8m and earnings climbing by almost 15% to €30m.