Ferry firm ICG reports solid returns for last year

Ferry and freight services company Irish Continental Group (ICG) has reported a solid set of figures for 2013, but has also noted a slight drop in business in the early part of this year, due to bad weather.

Total revenues for the group — which owns Irish Ferries — grew by 3.4% last year to €264.7m; with operating profit up by over 13% to €30m and pre-tax profit ahead by nearly €3m at €23.7m.

Regarding Irish Ferries, passenger numbers rose by 1.6% to nearly 1.57m, but car passengers fell by 0.8% to 351,000. On the freight side of the business, roll-on/roll-off freight levels were up by nearly 12%; with container freight volumes up by 10.4% to 279,000.

Group chairman John McGuckian said the period represented “a successful year” for the business, with “a solid financial and operational performance” shown in a competitive passenger and freight marketplace.

“The improving economic outlook in Ireland has encouraged us in our recently announced investment in the charter of an additional vessel, the Epsilon, which has been trading since mid-December,” he said.

Regarding the first couple of months of 2014, ICG said that the adverse weather conditions have resulted in “a significant number of cancelled sailings” — 16% of budgeted sailings to be precise — resulting in the loss of some discretionary passenger business and a disruption to freight business. Total passenger numbers are down 4%, on an annualised basis, in the year to date, but the Epsilon inclusion has helped to offset some lost sailings.

Via yesterday’s results commentary, management said that it expects the improved economic backdrop, seen to be developing during 2013, to continue throughout this year.

“However, the impact on our business during 2013 has been mixed,” they said.