Thursday 26 May 2016

Irish Continental revenue rises 10.5pc as profit soars to €57m

Published 07/03/2016 | 07:25

Irish Ferries
Irish Ferries

Revenue at Irish Continental, the company that owns Irish Ferries, rose 10.5pc last year up to €320.6m while its number of passengers rose 2pc to 1.68 million.

Operating profits at the group for last year soared 74.9pc to €57.2m up from €32.7m in 2014.

Group earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 49.5pc year on year to €75.5m.

Irish Continental chairman, John B McGuckian, described 2015 as another  successful year for the firm.

"During 2015 the group benefited from lower world fuel prices, stronger sterling and increased carryings. The group maintains a pivotal position in facilitating Ireland's international trade and tourism and is operationally geared to the economic recovery in Ireland. 

Earnings per share at the group, which also owns shipping and transport firm Eucon, dipped 4.9pc to 28.9c. However, the group's final dividend grew 5pc, up to 7.39c.

Net debt at the firm dropped by 27.7pc to €44.3m.

Speaking about the results, which were published this morning, Mr McGuckian said the firm had continued to benefit from the economic recovery.

"We have seen the benefits of this recovery continue into the early weeks of 2016 which, notwithstanding a weakening in Sterling and assuming current oil prices, gives us confidence that we can look forward in 2016, in the absence of unforeseen developments to further growth in revenue and earnings," Mr McGuckian said.

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