Business Irish

Tuesday 12 November 2019

Irish Ferries owner trebles first-half operating profit

An Irish Ferries ship
An Irish Ferries ship
Gavin McLoughlin

Gavin McLoughlin

Irish Ferries owner Irish Continental Group trebled first-half operating profit from €5.2m to €16.4m.

Revenue for the period rose to €143.1m from €130.7m. Passneger volumes rose 2.6pc to 701,600. Roll-on, roll-off freight (vehicles) grew by 11.5pc.

The company said it "has benefited from the continued improvement in the economies in our sphere of operations and lower global fuel prices."

"Sterling strength was a positive for the Group's sterling originating revenues both in terms of average yields and increasing the attractiveness of Ireland as a tourism destination though this is partially offset by Sterling denominated costs. The benefit of lower fuel costs for the Group has been partially offset by a strong dollar versus the Euro and the amendment of EU environmental regulations requiring the Group to consume more expensive fuel grades."

Davy analyst Stephen Furlong said the results show strong momentum.

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