ICG revenue rises 9.5% in first six months of 2015

Strong trends continue over peak summer period as freight, car volumes rise

Irish Ferries vessel the Isle of Inishmore arriving at Dublin Port. Photograph: Eric Luke.

Irish Ferries vessel the Isle of Inishmore arriving at Dublin Port. Photograph: Eric Luke.

 

 

Revenue at Irish Continental Group rose 9.5 per cent in the first half of the year, as the number of cars carried rose during the period and freight volumes jumped 11.5 per cent.

The company said revenue was €143.1 million in the six months to the end of June, as against €130.7 million in 2014.

Earnings before interest, tax, depreciation and amortisation rose 11.5 per cent to €25.5 million compared €14 million in the same period a year earlier as volumes rose and fuel costs decreased by more than 21 per cent. The strength of sterling also contributed to the increase.

During the six-month period, the number of cars carried by the ferry firm was up 7.1 per cent. 

Net debt at the company was down to €33.7 million from €61.3 million at the end of 2014.

Operating profit rose to €16.4 million, up from €5.2 million in 2014.

The first half of the year is traditionally less profitable for ICG, but the company said the total number of passengers carried over the peak summer season from July 1st to August 22nd was up 1 per cent, with cars rising 4 per cent. Roll on roll off freight was up 8 per cent in the same period.

Chairman John McGuckian said trading momentum had continued over the summer and the group would benefit if the market trends continued over the summer.

ICG reported an interim dividend of 3.638 cent.

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