Irish Continental Group has reported higher profits and revenues for the six months to the end of June amid the continued return towards pre-pandemic travel patterns and its continued growth on the Dover to Calais route.
ICG, which owns Irish Ferries, said its half year revenue rose by 8.1% to €285.5m from €264m the same time last year. Profits before tax increased by 4.3% to €14.6m from €14m.
Its basic earnings per share jumped by 10.7% to 8.30 cent from 7.50 cent, while the company has declared an interim dividend of 5.11 cent, an increase of 5% on the interim dividend of 4.87 cent last year.
ICG said that total passenger carryings increased by 21.9% to 1,331,400 from 1,091.900, while passenger revenues increased by 16.8% over the same time last year.
Total cars carried over the six month period were 277,200, up 21% on the same time last year.
Meanwhile, freight carryings came to 384,800 units, an increase of 10.5% over the first half of 2023. ICG said that freight revenues increased by 13.3% on last year.
The company said its group fuel costs increased by 2.2% to €50.1m from €49m.
Revenue in ICG's Container and Terminal division increased by 1.7% to €103.2m from €101.5m, while operating profit decreased by 27.5% to €7.9m from €10.9m.
Containers handled at its container terminals in Dublin and Belfast were up 8.7% to 165,800 lifts from 152,500 lifts in 2023.
Dublin Ferryport Terminals' activity was up 10.2%, and lifts at Belfast Container Terminal were up 6.4%.
ICG Chairman John B McGuckian that the first half of 2024 has been a period of further progress for the group.
"The Ferries Division has seen strong growth of 21% in passenger car and 10.5% in roll on roll off freight carryings, as well as good growth in revenues and profitability," Mr McGuckian said.
"In our Container and Terminal Division, containers shipped and port lifts have both increased by 8.7% over the prior period and we expect profitability to improve in the second half of the year. The above market growth in our volumes reflects customer belief in our services and trust in our brands and positions the Company well for future profitable growth," he added.
He said the company's position on the Dover-Calais route was strengthened this year with the agreement of a space charter on this route with P&O Ferries, allowing for space sharing on each parties' vessels encompassing both freight and passenger traffic.
"As previously announced, the initial focus was to start introducing the space sharing for our freight customers over the summer allowing them to benefit from the advantages of a turn up and go service," he said.
"We are now focused on introducing this space charter for our passenger traffic. When fully implemented, the agreement will result in greater flexibility and more choice for all our customers," he added.
He also said that further strengthening ICG's position on the Dover-Calais route was the introduction of the Oscar Wilde (previously Spirit of Britain). This vessel entered service with Irish Ferries in June.
"With the prospect of lower interest rates and future economic growth, ICG is well placed to capitalise on the opportunities that this will present given the extended footprint of our route structure and the strength of our balance sheet," he added.
