Business Irish

Thursday 26 April 2018

Revenue at Irish Ferries operator up 4pc in the first four months of 2017

Irish Ferries, part of the Irish Continental Group.
Irish Ferries, part of the Irish Continental Group.
Ellie Donnelly

Ellie Donnelly

Revenue at Irish Continental Group (ICG) is up 4pc to €95m in the first four months of 2017.

Net debt at the company behind Irish Ferries has reduced to €24.5m from €37.9m at the end of 2016.

Total revenue recorded in the first four months of 2017 amounted to €53.6m in the ferries division of the company, a 3.9pc increase on April 2016.

The 4pc increase in revenue is significant as the company said that “its business is significantly weighted towards the second half of the year when a higher proportion of its operating profit is normally generated” therefore we should expect a particularly strong revenue performance in the second half of 2017.

Since 1 January 2017 to 13 May 2017 Irish Ferries carried 103,200 cars, a decrease of 0.7pc on the previous year, while freight carryings were 100,300 RoRo units, a fall of 1.7pc compared with 2016.

Read more: Irish Ferries operator results show low sterling exposure

The decline reflects the tougher comparisons with 2016 due to the company’s particularly strong performance in the same period in 2016, and is primarily related to dry-docking schedules.

In the container and terminal division, total revenues recorded in the first four months of 2017 amounted to €44.1m, a 4.3pc increase on the prior year.

For the year to May 13th, container freight volumes shipped were up 4.5pc on the previous year at 119,500 teu, while units handled at the group’s terminals in Dublin and Belfast increased 0.1pc year-on-year to 107,600 lifts.

ICG has also announced that it has agreed to sell the passenger ferry Kaitaki (formally Isle of Innisfree) to New Zealand ferry operator KiwiRail for €45m.

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