ICG revenues up 10.3% to €93.4 million in third quarter

Revenue at Irish Continental Group rose 10.3 per cent to €93.4 million in the three months to the end of September, on the back of increased passenger numbers and lower fuel prices.

An interim management statement from the firm showed operating profit increased 6.7 per cent to €23.8 million, while earnings before interest, tax, depreciation and amortisation (ebitda) rose to €28.1 million, compared with €26.9 million in the same quarter in 2013.

Fuel costs in the quarter were €14.3 million, up from €12.7 million during the same period last year, due to the additional sailings of the Epsilon. However, these were partially offset by lower fuel prices.

Group revenue for the nine months to the end of September was €224.1 million, up 9 per cent compared to last year. Revenue in the ferries division was up 13 per cent compared with the same period in 2013, while in the container and terminal division cumulative revenue was up 2.5 per cent year on year.

Operating profit for the nine months to September-end was €29 million compared with €28.7 million in the same period in 2013. Net debt at the end of September was €57.6 million compared with €71.9 million at June-end.

In the year to date, total passengers carried were up 5 per cent at 1,507,500, while cars carried were up 9 per cent at 347,200.

Roll-on/Roll-off freight volumes in the same period were up 22 per cent on last year at 216,200 units.

“These results are very encouraging, and RoRo continues to outperform our expectations,” Goodbody analyst Jack Diskin said.

Goodbody revised upward its 2015 ebitda estimate of €51 million, on the back of lower fuel prices and positive trading momentum.

Last month, Irish Continental said the Pensions Authority had sanctioned the implementation of the deficit funding proposal in respect of the Irish Ferries pension scheme. Under the terms of the proposal, ICG will make deficit payments to the scheme of €1.5 million per annum for a projected period of 10 years to 2023, or, until the deficit is eliminated, with additional payments of €0.5 million per annum to an escrow account over the same period.