Saturday 23 September 2017

ICG delivers solid performance with €14.6m operating profit between July and August

John Mulligan

John Mulligan

FERRY group Irish Continental delivered a solid performance during its key summer period, with operating profit climbing to €14.6m between July and the end of August.

That compared to a €14m operating profit the company, which trades as Irish Ferries, delivered in the corresponding two months in 2011. Releasing an interim management statement this morning, ICG said revenue for the two-month period dipped to €56.7m from the €57.2m it generated in the two-month window last year.

The results come as the firm holds an extraordinary general meeting this morning to allow shareholders to approve plans by the company to buy back as much as €111m worth of its own shares, or nearly 25pc of its outstanding shares. It’s proposing to pay €18.50 per share.

ICG said that the volume of cars it carried in the three months to the end of September edged 3pc higher, while passenger numbers were up 1.5pc. But roll-on/roll-off freight volumes were 4.5pc lower, while container freight volumes declined 5.9pc.

The company’s figures come as the Central Statistics Office said last week that the number of people visiting Ireland during the summer was down 44,000 compared to summer 2011. The biggest fall was in the number of visitors from Britain, which was down 6pc to 840,000.

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