Irish Continental H1 profits slip amid higher fuel costs

Company awaits approval for a proposed €1.2m management buyout

The Irish Ferries vessel James Joyce. Revenues at ferry operator Irish Continental Group increased by €50m to €359.9m in the first half of the year, but higher fuel costs were a factor as profits slipped 2.% to €24m.

Revenues at ferry operator Irish Continental Group (ICG) increased by €50m to €359.9m in the first half of the year, but higher fuel costs were a factor as profits slipped 2.% to €24m.

The news comes as the company awaits a decision on a proposed €1.2m management buyout.

On Wednesday, ICG said group operating had increased by €46m in the first half of 2026 to €301m, due to higher fuel and environmental costs, increased port costs, and the operating costs of additional vessels. Group fuel and emissions costs in the first half of 2026 amounted to €64.2m, from €54m a year earlier, driven by higher average global fuel prices. The group also incurred higher costs under the EU Emissions Trading System.

Car volumes were down 5.7% in the period. ICG said the volume weakness in the car and freight markets in the peak summer season is "a particularly worrying trend that poses a significant challenge".

"The decline occurred despite a number of external factors which might ordinarily be supportive of short sea travel, including favourable local summer weather and higher long-haul travel costs," the company said.

Freight volumes benefited from the company's vessel James Joyce being in service for the full period, following its acquisition in 2025. 

ICG said continued high fuel prices and the weakness in the car markets is a major challenge in being able to pass on fuel increases into its car rates.

ICG divisions include Irish Ferries, which operating on routes between Ireland and Britain, Britain and France (Dover to Calais), and Ireland and France. ICG's containers and terminal operations include the Eucon brand as well as operating Dublin Ferryport Terminal and Belfast Container Terminal.

The independent board of ICG has approved the €1.2bn management buyout that would take it private but the transaction remains subject to shareholder, regulatory, and High Court approval. An extraordinary general meeting of the company will take place on August 28.

The independent ICG board has unanimously recommended the €8.00 per share cash offer from Bluefin Bidco Limited, an acquisition vehicle backed by members of ICG’s senior management. The offer values ICG’s issued and to-be-issued share capital at approximately €1.2bn and represented a 28.2% premium to the closing share price immediately prior to announcement.