LONDON (Alliance News) - Irish ferry operator Irish Continental Group PLC on Thursday said its volumes carried were mostly higher in the first half as the weak euro lifted revenue and profit.
Irish Continental said its pretax profit for the six months to the end of June was EUR14.9 million, a massive rise on the EUR2.7 million it posted a year earlier, as its costs remained flat but its revenue rose. Revenue rose to EUR143.1 million from EUR130.7 million, but costs were broadly flat thanks to lower fuel costs and the weakness of the euro against sterling.
The company said its passenger volumes in the first half were up 2.6%, while car volumes rose 7.1% and its roll-on roll-off freight volumes rose by 12%. Ports lifts volumes increased by 12% too, with the only decline coming with a 0.4% fall in container freight.
The company said it will pay an interim dividend of 3.638 euro cents, up from 3.465 cents a year earlier.
"I am pleased to report a strong performance in the first six months of the financial year. This trading momentum has continued over the key summer period and the group is well placed to benefit should these market trends continue for the remainder of the year," said John McGuckian, Irish Continental's chairman.
Irish Continental added trading in the peak summer season, which drives the second-half weighting of its results, has been strong, with passengers and cars carried both higher and its container and terminal divisions performing well.
Shares in the company were up 3.1% to EUR4.531 on Thursday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Irish Cont. (ICGC)