Sunday 17 November 2019

Irish Ferries parent ICG posts 9.6pc revenue growth

Andrew Sheen was recently appointed managing director of Irish Ferries
Andrew Sheen was recently appointed managing director of Irish Ferries
Gavin McLoughlin

Gavin McLoughlin

Irish Continental Group, the company behind Irish Ferries, posted a 9.6pc increase in revenue last year in taking €290.1m.

The growth was fuelled by the addition of a new vessel, the "Epsilon", to the Irish Ferries fleet.

The new vessel allowed the company to 18 additional sailings every week between Dublin and Holyhead, as well as a weekly round trip between Dublin and France.

Underlying fuel prices were lower but the new ferry meant the ferry division's fuel costs went up.

The company's operating profit rose 9pc.

"The strong momentum, evident in Q4 of 2014 has continued into early 2015 giving us confidence that we can look forward in 2015, in the absence of unforeseen developments and assuming continued lower oil prices, to strong growth in revenue and earnings," Irish Continental Group chairman John B McGuckian said.

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