Business

Tuesday 30 September 2014

Ferry group ICG reports bumper summer

Published 29/08/2014 | 02:30

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Ferry group Irish Continental (ICG) has had a bumper summer season, while freight levels soared in the first half of the year as it introduced a new ship to its fleet.

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ICG, whose passenger ferries sail under the Irish Ferries brand, said revenue in the period rose 8.1pc to €130.7. Pre-tax profits fell 18.2pc to €2.7m, but the decline was expected due to the cost of introducing its new 'Epsilon' ship to the Dublin-Holyhead and Cherbourg corridors.

In the year to date freight volumes are 20pc higher. Car volumes are up 8pc, while passenger numbers are 4pc higher.

The company has also agreed to resolve a €69m pension deficit. ICG plans to make deficit payments of €2m a year for a projected period of 10 years to 2023.

The group also warned that from January, ships in its Eucon freight fleet will be subject to new rules on sulphur emissions that will raise fuel costs.

Irish Independent

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