#ICGresults2014 – Irish Continental Group released today a full year Statement of results for the year ended 31 December 2014.
As outlined below are the Groups' key financial and performance highlights for last year:
• Revenue up 9.6%, adjusted EPS up 12.3%
• Dividend increased by 5%, Net Debt down 34.4%
• RORO freight volumes +20.8%, car carryings +8.8%
Commenting on the results Chairman John B McGuckian said, "2014 was another successful year for the group with growth in revenue of almost 10% to €290.1 million and earnings before non-trading items, interest, tax, depreciation and amortisation (EBITDA) of €50.5 million, up 2.6%, having absorbed the costs of the newly introduced vessel, 'Epsilon'.
"The strong momentum, evident in Q4 of 2014 has continued into early 2015 giving us confidence that we can look forward in 2015, in the absence of unforeseen developments and assuming continued lower oil prices, to strong growth in revenue and earnings."
2014 proved to be another successful year for the Group, with a positive financial and operational performance, and a strengthening of the Group's strategic positioning as the leading maritime transport provider in the Republic of Ireland.
Revenue for the year grew 9.6% to €290.1 million with growth of 14.0% in the Ferries Division and 2.6% in the Container & Terminal Division. Operating costs (excluding depreciation) were 11.2% higher at €239.6 million as we absorbed the full year incremental cost of the additional vessel, 'Epsilon', introduced in late 2013.
EBITDA increased by 2.6%, to €50.5 million. Operating profit (before non-trading items) was up 9.0% at €32.7 million. The net finance charge was €4.7 million (2013: €6.3 million). The taxation charge was €0.7 million compared with €0.4 million in 2013. There was a non-trading item of €28.7 million resulting from the curtailment gain recognised as a result of the pension deficit funding agreement concluded during the year.
Basic EPS (including non-trading items) was 30.4 cent (2013: 14.6 cent), while adjusted EPS (excluding non-trading items and the net interest cost on defined benefit pension schemes) was 12.3% higher at 15.5 cent.
For further breakdown analysis of the various divisions of ICG, click HERE.
