Low fuel powers Irish Continental Group ferry revenues

Ferry and freight services business Irish Continental Group (ICG) expects to see continued earnings and revenue growth this year on the back of low fuel prices, but will also see revenues suffer slightly due to the current weakening in sterling.

The Irish Ferries owner yesterday reported a 10.5% increase in group revenues, to €320.6m, for 2015 with earnings (on an earnings before interest, tax, depreciation, and amortisation basis) up by 49.5% to €75.5m and operating profit ahead nearly 75% at €57.2m.

Basic earnings per share were down by nearly 5% at 28.9c and pre-tax profits slipped from €56.7m to €54.1m.