Irish Continental revenue increased 1.6% in first 10 months of 2016

Revenue at transport firm Irish Continental Group rose 1.6 per cent in the 10 months to October 31st, reaching €280.2 million.

The ferries division accounted for €181.8 million of that total, a 2.5 per cent rise on the same period a year earlier.

The company said the number of cars it carried in the year to November 5th rose 3 per cent to 372,500, while roll-on roll-off freight was 5 per cent higher at 241,200. Container freight recorded a 5.3 per cent rise.

The rate of growth in car transport moderated in the second half of the year, with the company saying it reflected event-driven traffic flows in the previous year.

The weaker sterling rate has impacted the euro value of the division’s sterling revenues, but this was offset partly by the corresponding reduction in sterling-based costs. The company said it expected fuel costs to continue to benefit from lower global prices.

The container and terminal division recorded revenues of €105 million for the year, up 5.7 per cent year on year. Market trends hit the rate of growth in the second half of the year, moderating to 2.5 per cent.

The Dublin and Belfast terminals showed an increase of almost 19 per cent in the units handled during the period, mainly due to Belfast's performance in the first six months of the year.

The group reported net debt of €25.6 million at the end of October, compared with €44.3 million at the end of 2015.