Irish Ferries operator Irish Continental Group (ICG) has reported a 6% annual increase in revenue for the first 10 months of 2024.

In a trading update, the group said it brought in €521m between January and October, up from €491m during the same period in 2023.

ICG has carried 657,000 cars this year to date, an increase of 11% on the 592,100 carried from January-October 2023.

Since the company's previous trading update in August, Irish Ferries carried 164,500 cars, up 4.2% from the same three-month period the year prior.

ICG's ferries division recorded turnover of €376m for the first 10 months of 2024, an increase of 6.5% year-on-year.

Net debt has increase from €143.7m to €189.4m since the end of December following the acquisition of the ferry named Oscar Wilde under a lease purchase agreement with P&O Ferries.

ICG previously announced that it had recorded pre-tax profits of €14.6m for the first half of 2024.

“With the prospect of lower interest rates and future economic growth, ICG is well placed to capitalise on the opportunities that this will present given the extended footprint of our route structure and the strength of our balance sheet,” said John B McGuckian, chair of ICG.

(Pic: File)