DAVY VIEW

Irish Continental Group (ICG) delivered an in-line performance in a recovery year in 2019, with EBITDA up 27% to €86.8m (Davy: €87m) and net debt at €129m. This was a strong performance and, while there have been some weather-related operational issues in the early part of the current year, we would expect to broadly keep our €99m EBITDA forecast. Obviously, COVID-19 is a concern (in the year of the Foot and Mouth outbreak tourism dropped 10%), but fuel costs are falling and freight remains strong. ICG remains very well strategically positioned to deliver shareholder returns in the years ahead.