Irish Ferries owner ICG posts 7.3% rise in revenues

Irish Ferries owner Irish Continental Group recorded higher revenues and operating profits in the first four months of the year, as passenger numbers increased and fuel costs declined.

In an interim management statement issued this morning, the group reported a 7.3 per cent increase in revenue to €85.1 million for the first four months of the year. This compares with revenue of €79.3 million during the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to €10.3 million compared with €3.3 million during the same period in 2014.

Operating profit, before interest, increased to €4.4 million, from a loss of €2.3 million the previous year. Operating costs (before depreciation and amortisation) were 1.6 per cent lower at €74.8 million, versus €76 million the previous year, mainly reflecting the lower cost of fuel.

Net debt at the end of April was €45.5 million compared with €61.3 million at the end of December 2014.

In the statement, ICG announced it had been awarded the services concession for the operation of a combined container terminal at Victoria Terminal 3 in Belfast Harbour. The agreement is for a period of five years with a further three year option, and followed an extensive tender process by Belfast Harbour Commissioners.

In the four months to May 9, Irish Ferries carried 94,800 cars, an increase of 8 per cent on the previous year. Total passenger volumes increased by 3 per cent compared to the previous year to 418,600.

In the Roll on Roll off freight market, Irish Ferries carried 91,800 units, an increase of 11 per cent compared with the same period in 2014. However, container freight volumes shipped were down 1 per cent on the previous year.

ICG noted its business is significantly weighted towards the second half of the year when a higher proportion of the group’s operating profit is usually generated.