General Industry

Profits Double At Irish Continental Group

By Dave Simpson
Profits Double At Irish Continental Group

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.

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."