Irish Ferries parent, Irish Continental Group, has announced that it is axing plans to pay a final dividend of almost €17 million on last year’s earnings, due to the current circumstances surround the Covid-19 pandemic and its effects on travel and tourism.
The company will hold its delayed annual general meeting on July 28.
In a statement, the group said: “It is very difficult to estimate the full year financial impact [of the Covid-19 pandemic/ on the ICG Group as the reduction in passenger revenue will be material.
“While the company retains a strong liquidity position, the directors consider it prudent not to proceed with the final dividend payment against this background of market uncertainty and will no longer propose a resolution to approve the dividend at the AGM.”
The company said in a trading update in the middle of last month that its passenger numbers for the year to early June had slumped 60 per cent.
