LONDON (Alliance News) - Irish Continental Group PLC on Monday reported a decline in pretax profit in 2015, as gains from 2014 were not repeated, but growth in revenue on the back of increased carryings.
The Irish shipping and transport group said its pretax profit in 2015 fell to EUR54.1 million from EUR56.7 million, even though revenue grew to EUR320.6 million from EUR290.1 million.
It said revenue benefited from lower world fuel prices, stronger sterling and increased carryings. Carryings includes passengers, cars, roll-on roll-off freight, container freight and port lifts.
In the year, carryings for each grew by 2%, 5%, 9.9%, 3.4% and 33%, respectively.
However, profit fell because 2014 benefited from a curtailment gain of EUR28.7 million, arising from its pension deficit funding agreement, which did not repeat in 2015.
Operating profit, which excludes the curtailment gain, rose to EUR57.2 million from EUR32.7 million, while earnings before interest, tax, depreciation and amortisation grew to EUR75.5 million from EUR50.5 million.
Irish Continental will pay a final dividend of 7.387 cents, making a total dividend of 11.025 cents, a 5% increase on 2014.
Irish Continental said an improved momentum at the end of 2015 has continued into 2016. In the first two months of the year, carryings of cars were up 4% year-on-year, as passenger carryings rose by 1%, freight volumes grew by 14%, containers were up 12% and port lifts increased by 53%.
"Lower world fuel prices will continue to help performance although the recent weakening of sterling will affect the euro value of UK originating revenues. As a result of these factors, and the ongoing improvement in the economic outlook in our sphere of operations, we look forward, in the absence of unforeseen circumstances, to further growth in revenue and earnings for the financial year 2016," Chairman John McGuckian said in a statement.
Shares in Irish Continental were trading up 4.0% at EUR5.04 in London on Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Irish Cont. (ICGC)