#HalfYearResults - Container and ferry operator, Irish Continental Group said the Brexit vote “shock” had a brief impact on tourism bookings. But they have since recovered as the ferry operator reported a 19.6 per cent increase in earnings for the first half, writes The Irish Times.
Earnings before interest, tax, depreciation and amortisation (ebitda) rose to €30.5 million from €25.5 million for the same period last year. Cars carried on its division, Irish Ferries increased 5.5 per cent and roll-on, roll-off (RoRo) freight volumes gained 5.6 per cent.
Container (LoLo) volumes shipped during the period rose by 7.4 per cent, it said.
The result of the June Brexit referendum “had an initial negative impact on UK consumer demand”, said ICG. “The demand situation seems to have settled now as the initial shock of the referendum result has waned, although the negative sterling impact on yields remains.”
ICG said the outlook for the remainder of the year “is for a continuation of the overall business momentum seen to date, with some easing in our tourism revenues, growth in our RoRo and LoLo (lift-on, lift-off) revenue, and increased contribution” from chartering ships to third parties.
Total revenues rose by 5.2 per cent on the year to €150 million, while basic earnings per share increased 32 per cent to 10.3 cents. ICG will pay out a 3.82 cent dividend for the first half, up 5 per cent on its last interim dividend.
For more on the half-year results, click here.
