6th Mar 2014 13:04
LONDON (Alliance News) - Irish Continental Group PLC Thursday reported higher profits and revenues for the year 2013, boosted by an increase in freight volumes carried on its routes between Ireland, the UK and Continental Europe, and lower fuel costs.
The Irish-based shipping and transport company, which carries passengers and cars, freight and container freight, said revenues for the financial year ended December 31, 2013, increased by 3.4% to EUR264.7 million, up from EUR256.1 million a year earlier.
For the year it reported a pretax profit of EUR23.7 million, up from EUR21.0 million in 2012.
"The group achieved strong growth across its Roll on Roll off freight and container Lift on Lift off freight businesses, outperforming the market, while the passenger side of the business was broadly in line with the market's performance. With improvements across its underlying performance measures and strong cash generation the Group is well placed to benefit from better economic conditions," the company said in a statement.
RoRo freight volumes increased 18% during the year, while container freight volume was up 10%, and passenger numbers were up 1.6% to 1.6 million. It said port lift volumes declined by 2.7%, while the number of cars carried on its routes declined by 0.8%.
"RoRo freight volumes are up 18% year on year, to date, despite adverse weather conditions which have led to cancelled sailings," said Chairman John McGuckian commenting on the results, adding, "however the additional capacity provided by the Epsilon has helped to counter the effect of the lost sailings."
The group said car carryings, year to date, are flat, while total passengers carried are down 4%. It said container freight volumes are flat year to date, while container throughput at its terminals is up 2.5%.
"The improved economic backdrop which we have experienced over the last 12 months looks likely to continue through 2014. However the impact on our business during 2013 has been mixed with the sea passenger market remaining flat while there has been a return to growth in the freight market," said McGuckian.
During the year the group only gained EUR3.5 million on the disposal of a subsidiary, compared with EUR21.0 million in 2012.
It reduced its net debt during the year by 20% to EUR93.4 million, down from EUR116.0 million a year earlier.
The group maintained its dividend at 100 cents per share.
Shares in the company were trading at EUR31.14 per share Thursday afternoon, up 1.3%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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