Irish Continental interim profit falls amid "challenges" as eyes bid

Irish Continental Group PLC on Wednesday said it met significant challenges during the first half of 2026 due to higher costs only partially offset by increased revenue.

The Dublin-based ferry operator reported revenue of EUR359.9 million, up 16% from EUR309.9 million a year prior.

Pretax profit fell by 2.9% to EUR19.9 million from EUR20.5 million.

Irish Continental cited a challenging global environment, which resulted in higher costs for fuel, port operators and additional vessels' operations that the group said were in part offset by higher revenue. However, weakness in the car markets meant it was difficult to pass on higher fuel prices onto car rates.

The group described weaker car and freight market volumes during peak summer season and despite favourable circumstances, such as good weather in the UK and higher long-haul travel costs, as a particularly worrying trend.

The firm said in light of Bluefin Bidco Ltd's takeover proposal, it did not declare a dividend, compared to 5.37 euro cents a year prior.

Irish Continental's shareholders are currently evaluating a proposal for acquisition of the group by Bluefin at EUR1.2 billion, or EUR8.00 per share, a 28% premium to its EUR6.24 closing share price on July 24, the day Bluefin made its offer.

The takeover is expected to become effective during the fourth quarter of 2026.

On Tuesday, Pageant Investments Ltd said it will vote against the takeover as it views the share price of Irish Continental as undervalued.

Meanwhile, Irish Continental's independent board recommended earlier on Tuesday that shareholders vote in favour of the takeover at the extraordinary general meeting on August 28.

Irish Continental fell 4.2% to EUR7.26 each on Wednesday afternoon in Dublin, while trading 1.0% lower at 633.54 pence each in London.

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