Displaying items by tag: MidYear Report

30th August 2014

ICG Release Mid-Year Financial Results

#ICGresults – Irish Continental Group (ICG) parent company of Irish Ferries, have released financial report results for the half-year ended 30 June 2014.

Results

The Board of Irish Continental Group plc (ICG) reports that, in the seasonally less profitable first half of the year, the Group recorded revenue of €130.7 million compared with €120.9 million in the same period in 2013, an increase of 8.1%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were €14.0 million compared with €15.8 million in the same period in 2013.

On a like-for-like basis i.e. excluding the newly introduced vessel 'Epsilon', EBITDA was up €1.2 million on the prior year.

Operating profit was €5.2 million compared with €6.4 million in 2013. Group fuel costs were up €2.5 million (10.5%) to €26.4 million, however when 'Epsilon' (€3.6 million) is excluded, fuel costs decreased by €1.1 million (4.6%) to €22.8 million.

There was a net finance charge of €2.5 million (2013: €3.1 million) which includes a net pension interest cost of €0.7 million (2013: €1.0 million) and net bank interest payable of €1.8 million (2013: €2.1 million).

Profit before tax was €2.7 million compared with €3.3 million in the first half of 2013. The tax charge amounted to €0.3 million (2013: €0.3 million).
Basic EPS was 1.3c compared with 1.6c* in the first half of 2013.

Adjusted EPS (before non-trading items and net pension interest cost) amounted to 1.7c (2013: 2.2c*).* As restated for the 10-for-1 share split (refer to note 2).

Commenting on the results, ICG Chairman John B. McGuckian stated; ''The introduction of the new RoRo ship 'Epsilon' on the Dublin-Holyhead and Dublin-Cherbourg routes has allowed us to grow both our freight and tourism businesses substantially during the year to date".

"I am particularly pleased with the growth in our RoRo freight business, up 20% in volume terms year to date (23 August 2014) while car volumes also remain strong - up 8% year to date (23 August 2014). The increases in both flows of business vindicate our decision to incur the necessary start-up costs in providing this much needed capacity.''

Epsilon: Strong revenue growth, up 8.1%, facilitated by the introduction of the new ro-ro vessel.

'Epsilon' drives volume growth in RoRo freight, up 18.5%
Cars carried up 5.9% in the period
Net Debt down to €71.9 million from €93.4 million at 31 December 2013
Interim dividend 3.465 cent, up 5%
Strong volume growth in summer, in both RoRo freight (up 25%) and cars (up 12%)
Agreement reached with Pension Trustee on recovery plan

For further information showing all details of ICG's half-yearly financial report, click HERE.

Published in Ports & Shipping

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Forty Foot Swimming Spot on Dublin Bay

The 'Forty Foot' is a rocky outcrop located at the southern tip of Dublin Bay at Sandycove, County Dublin from which people have been swimming in the Irish Sea all year round for 300 years or more. It is popular because it is one of few spots between Dublin city and Greystones in County Wicklow that allows for swimming at all stages of the tide, subject to the sea state.

Forty Foot History

Traditionally, the bathing spot was exclusively a men's bathing spot and the gentlemen's swimming club was established to help conserve the area.

Owing to its relative isolation and gender-specific nature it became a popular spot for nudists, but in the 1970s, during the women's liberation movement, a group of female equal-rights activists plunged into the waters and now it is also open to everyone and it is in the control of Dun Laoghaire Rathdown County Council.

Many people believe that swimming in extremely cold water is healthy and good for the immune system.

Is it safe to swim at the Forty Foot?

The Forty-Foot is a great place to swim because there is always enough water to get a dip but like all sea swimming, there are always hazards you need to be aware of. For example, a lot of people like to dive into to the pool at the Forty-foot but there are submerged rocks that can be hazardous especially at low water. The Council have erected signs to warn people of the underwater dangers. Other hazards include slippy granite cut stone steps that can often be covered with seaweed and of course marine wildlife including jellyfish that make their presence felt in the summer months as do an inquisitive nearby Sandycove seal colony.