Sunday 17 December 2017

'Another successful year' for Irish Continental as revenues rose to €325m in 2016

Irish Ferries - new build ship
Irish Ferries - new build ship

Sean Duffy

Revenues at Irish Ferries parent Irish Continental rose to €325.4m last year. The company said revenues were up by 1.5pc over the course of the year from €320.6m a year previously

The group’s EBITBA- which calculates profits, depreciation and amortisation- was up by 10.6pc to €75.5m.

The number of cars carried last year rose by 3.3pc, while role-on-roll off freight was up by 5pc. Shipping container volumes rose by 6pc, while the number of port lifts handled was up 15.9pc.

Irish Continental’s net debt fell 14.4pc to €37.9m. The company said that an accounting deficit resulting from retirement benefit schemes has increased to €13.5m last year, a rise if €8.4m compared to 2015.

“2016 was another successful year for the group with growth in revenue of 1.5pc to €325.4m and earnings before interest, tax, depreciation and amortisation (EBITDA) of €83.5m, up 10.6pc,” said Irish Continental chairman,  John B McGuckian.

“The strong performance for the financial year is underpinned by increased car and freight volumes and increased charter revenues," Mr McGuckian added.

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