Menu
Allianz and Afloat - Supporting Irish Boating

Ireland's sailing, boating & maritime magazine

In association with ISA Logo Irish Sailing

Irish Continental Group Statement of Results for 2012

8th March 2013
Irish Continental Group Statement of Results for 2012

#Shipping – The Irish Continental Group (ICG) parent company of Irish Ferries, have released a statement of results for the year ended 2012.

Commenting on the results Chairman John B McGuckian said,''These are resilient results in the face of a challenging economic background. There is now some emerging evidence of an improvement in the Irish economic environment, but we remain cautious, particularly in relation to freight capacity.''

ICG produced another resilient performance in the face of continued economic weakness, which affects both consumer travel and import / export trade flows, the two areas of economic interest for the Group.

During the year the group announced, and completed, the sale of its subsidiary Feederlink. Consequently the results for the group's continuing operations (i.e. excluding Feederlink for both 2012 and 2011) are set out below.

Revenue for the year from continuing operations was up 1.7% at €256.1 million while continuing EBITDA1 was down 3.2%, to €45.8 million, due mainly to lower freight volumes in both Ro-Ro and Lo-Lo and higher fuel costs (up €6.3 million to €53.2 million) largely offset by higher yields in the passenger business.

The net interest charge was €1.8 million (2011: €1.0 million) before a net interest expense from defined benefit pension schemes of €1.6 million (2011: credit of €0.3 million). The taxation charge was €0.5 million compared with €0.8 million in 2011.

The profit on sale of Feederlink was €21.0 million. Basic EPS including the profit on sale of Feederlink was 183.2 cent while adjusted EPS from continuing operations was 104.6 cent, up 3.1%.

For further information of the statement of results, click HERE for PDF download.

 

Published in Ports & Shipping
Jehan Ashmore

About The Author

Jehan Ashmore

Email The Author

Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals. 

We've got a favour to ask

More people are reading Afloat.ie than ever thanks to the power of the internet but we're in stormy seas because advertising revenues across the media are falling fast. Unlike many news sites, we haven’t put up a paywall because we want to keep our marine journalism open.

Afloat.ie is Ireland's only full–time marine journalism team and it takes time, money and hard work to produce our content.

So you can see why we need to ask for your help.

If everyone chipped in, we can enhance our coverage and our future would be more secure. You can help us through a small donation. Thank you.

Direct Donation to Afloat button

Featured Sailing School

INSS sidebutton

Featured Clubs

dbsc mainbutton
Howth Yacht Club
Kinsale Yacht Club
National Yacht Club
Royal Cork Yacht Club
Royal Irish Yacht club
Royal Saint George Yacht Club

Featured Brokers

leinster sidebutton

Featured Webcams

Featured Car Brands

subaru sidebutton

Featured Associations

ISA sidebutton dob
ICRA
isora sidebutton

Featured Events 2020

Wave button for Afloat new dates

Featured Chandleries

CHMarine Afloat logo
osm sidebutton
viking sidebutton

Featured Sailmakers

northsails sidebutton
uksails sidebutton

quantum sidebutton

Featured Marinas

dlmarina sidebutton

Featured Blogs

W M Nixon - Sailing on Saturday
podcast sidebutton
mansfield sidebutton
BSB sidebutton
sellingboat sidebutton

Please show your support for Afloat by donating