#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.