Irish Ferries Owner Revenues up 9.6%
Irish Continental Group, the company behind Irish Ferries, posted a 9.6pc increase in revenue last year (2014) in taking Euro 290.1 million.
ICG's ferry division grew by 14 percent - and its container & terminal division grew by 2.6 percent. Its pre-tax profits were €56.7m - up from €23.7m in 2013. Its earnings before interest, tax, depreciation and amortization (ebitda) rose by 2.6 percent to €50.5 million.
This expansion was bolstered by the addition of the new "Epsilon" vessel that was added to the Irish Ferries fleet. The new vessel allowed the company to 18 additional sailings every week between Dublin and Holyhead, as well as a weekly round trip between Dublin and France. Underlying fuel prices were lower but the new ferry meant the ferry division's fuel costs went up.
ICG carries passengers and cars, Roll-on Roll-off freight and container lift-on lift-off freight on routes between Ireland, the UK and continental Europe.
"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," Irish Continental Group chairman John B McGuckian said.
