Revenue up but earnings fall at Irish Ferries operator
Irish Ferries operator Irish Continental Group (ICG) has seen its revenue increase 6.1pc to €166.8m in the six months to 30 June.
The performance benefitted from the commencement of scheduled sailings of the €155m W.B. Yeats vessel in January, according to interim results from the group.
However, earnings before interest and tax (including non-trading items) fell by 12pc to €26.5m during the period.
Over the six months ICG say a 5.7pc decrease in the volume of cars on its ferries. But the group reported increases it its roll-on-roll-off freight, container shipping, and port lifts division.
Chairman John B. McGuckian said: “Growth in all our businesses has continued over the period since 30 June.
“While we remain positive for continued revenue growth more uncertainty than usual exists in relation to geopolitical tensions and the mechanism for the proposed exit of the UK from the European Union.
Both these uncertainties have the potential to affect growth in the economies in which we operate. Notwithstanding, the group remains in a strong position to pursue further opportunities.”
In April ICG sold its Oscar Wilde ship for a deferred consideration of €28.9m, resulting in a profit before tax of €14.9m.
Meanwhile, fuel costs at the group increased by €3.1m or 13.8pc to €25.5m during the period.