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Profits Double At Irish Continental Group

By Dave Simpson

Irish Ferries operator Irish Continental Group has released new data indicating that its profits were up over 100% to €43 million during the six month period ending on June 30.

As reported by The Irish Independent, the company's profits were given a considerable boost by the sale of a ferry for €25 million in the first half of 2017. Meanwhile, revenue at ICG rose 3.7% to €156.1 million, while earnings ahead of taxation, interest, depreciation and amortisation dropped 3% to €29.6 million and the volume of roll on/roll off freight fell by 0.4%.

Car and container volumes, on the other hand, were both up, with the former increasing 2.3% to 174,500 units and the latter rising 6.8%. ICG also experienced an increase in net cash, which totalled €26.7 million in June after the company recorded a net debt of €37.9 million at the end of December 2016. Additonally, the group's interim dividend of 4.01 cent was up 5% on the same period last year.

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ICG chairman John B. McGuckian, commented: "Summer trading remains encouraging across all business areas. We have experienced volume growth in car and freight volumes whilst further weakening of sterling is offset by easing euro prices."

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