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ICG boosted by cheaper fuel, higher car volumes

An increase in revenue, coupled with cheaper fuel and currency movements, boosted Irish Continental Group's profits
An increase in revenue, coupled with cheaper fuel and currency movements, boosted Irish Continental Group's profits

Increased freight and car volumes boosted Irish Continental Group's performance in the first half of the year, with the ferry company's revenue rising 9.5% to €143.1m.

The company, which operates the Irish Ferries brand, said the number of cars it carried on its services in the six month period was 7.1% higher.

Meanwhile the volume of roll-on, roll-off freight was up 11.5%.

This increased income, along with lower fuel costs and favourable changes on the currency markets, resulted in a significantly higher pre-tax profit for the period - up 451.9% to €14.9m.

Net debt fell from €61.3m at the end of December to €33.7m by the end of June.

ICG has set an interim dividend of 3.638 cent per share - up 5% year-on-year.