- Irish Continental Group revenue up 5.2pc to €150.5m
- Passenger numbers were down 1.9pc to 686,600.
- Tourism bookings ‘broadly in line with expectations.’
- Car volumes up 5.5pc to 170,000
Irish Continental Group reported car volumes were up 5.5pc to 170,000 in the first half of the year (see here). Passenger numbers were down 1.9pc to 686,600. Tourism bookings were over summer were broadly in line with expectations.
The group comprises Irish Ferries and the chartering of vessels to third parties. Irish Ferries operated over 2,500 sailings in the period.
Revenue in the traditionally less profitable first half of the year is up 5.2pc to €150.5m from €143.1m for the same period in 2015.
Earnings before interest, tax, depreciation and amortisation were up to €30.5m from €25.5m Earnings before interest and tax were up to €20.8m from €16.4m. Group fuel costs were down €7.5m (36.1pc) to €13.3m. Profit before tax was €19.7m compared with €14.9m in the first half of 2015. The tax charge amounted to €0.5m.
Chairman John B McGuckian, said: ‘‘increased car and freight volumes, lower fuel prices and increased charter revenues, the continued recovery in the Irish economy, and lower global fuel prices, has been positive for the group with increased carryings across all business areas. These positive benefits have been partially offset through reduced fuel surcharges to customers and increased exchange rate volatility. In the second half of the year the uncertainty caused by the outcome of the UK Referendum on European Union membership held on June 23 2016 had an initial negative impact on tourism bookings which have since recovered. Tourism carryings over the key summer months were broadly in line with expectation though the continuing Sterling weakness since the end of June has resulted in lower Euro equivalent tourism yields. The UK Referendum result has, to date, had very little impact on RoRo freight volumes, which remain strong. Notwithstanding the impact of weaker Sterling ICG is well placed to benefit from the underlying growth trends in both car and freight volumes.”
- Statement can be viewed on the Irish Stock Exchange website and at the www.icg.ie/documents
- Full results available at www.icg.ie/documents
