Irish Ferries owner records 9.6% jump in revenues

Shares surge in early morning trading on positive results

The company recorded a 14 per cent growth in its ferries division and a 2.6 per cent rise for its container and terminal business.

The company recorded a 14 per cent growth in its ferries division and a 2.6 per cent rise for its container and terminal business.

 

Share in Irish Ferries owner Irish Continental Group rose 5.6 per cent in early morning trading in Dublin on Thursday after it announced positive 2014 results.

The group said revenues rose by 9.6 per cent last year to €290.1 million on the back of strong growth in its ferries division.

Pre-tax profits jumped from €23.7 million to €56.7 million for 2014 with operating profits rising 9 per cent to €32.7 million from €30 million a year earlier.

Earnings before interest, tax, depreciation and amortisation (ebitda) rose 2.6 per cent to €50.5 million.

Operating costs rose 11.2 per cent to €239.6 million as the company absorbed the full cost of the new vessel ‘Wpsilon’ introduced in late 2013.

“The strong momentum, evident in the fourth quarter of 2014 has continued into early 2015 giving us confidence that we can look forward in 2015, in the absence of unforeseen developments and assuming continued lower oil prices, to strong growth in revenue and earnings,” said chairman John B McGurkian.

The company recorded a 14 per cent growth in its ferries division and a 2.6 per cent rise for its container and terminal business. In addition, the company said roll on-roll-off (ROLO) freight volumes rose 20 per cent while car carryings and passengers were up 8.8 per cent and 4 per cent respectively.

During the year the group paid the final dividend for 2013 of 6.7 cent per ICG unit. It also paid an interim dividend for 2014 of 3.465 cent per unit, and the board is proposing a final dividend of 7.035 cent per Unit, payable in June, making a total dividend for 2015 of 10.5 cent per ICG Unit, an increase of 5 per cent on the prior year.

Net debt at year-end was €61.3 million, which represents 1.2 times ebitda. Capital expenditure totalled €8 million, compared to €8.7 million for 2013.

In a note to investors, Davy said the full-year results were impressive.

“ICG remains a consistently strong cash flow story. Its structural low-cost base, healthy slot positions and market shares and strong asset utilisation provide it with inherent competitive advantages,” it said.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.