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ICG first half revenues rise

By BFN News | 09:59 AM | Thursday 31 August, 2017


Irish Continental Group's revenues rose by 3.7% to €156.1 million in the six months to the end of June. EBITDA (pre non-trading items) fell 3.0% to €29.6 million. Other highlights: - Sale of the vessel MV Kaitaki yields profit after tax of €25.5 million - Basic EPS up 121.4% to 22.8c (2016: 10.3c) - Adjusted basic EPS down 9.7% to 9.3c (2016: 10.3c) - RoRo freight volumes down 0.4% to 138,600 units (2016: 139,100 units) - Cars carried up 2.3% in the period to 174,500 units (2016: 170,500 units) Container volumes shipped in the period up 6.8% to 163,100 teu (2016: 152,700 teu) - Port lifts handled in the period up 1.7% to 147,200 lifts (2016: 144,800 lifts) - Net cash €26.7 million at 30 June 2017 (31 December 2016 net debt €37.9 million) - IAS 19 surplus of €5.0 million at 30 June 2017 (31 December 2016 €13.5 million deficit) - Interim dividend 4.01 cent, up 5.0% (2016: 3.82 cent) Chairman John B McGuckian said: "I am pleased to report a strong performance in the first six months of the financial year with growth in revenue of 3.7% to €156.1 million. "The strong performance for the first half of the financial year is underpinned by increased car volumes and the consolidation of the strong RoRo growth over the last two years in the ferries division together with strong growth across the container and terminal division. "During this period we completed the sale of the MV Kaitaki for a profit after tax of €25.5 million. "Summer trading remains encouraging across all business areas, we have experienced volume growth in car and freight volumes whilst the further weakening of sterling is offset by easing Euro fuel prices. "We look forward to the arrival in mid-2018 of our new ship which will bring cost savings and significant additional earnings potential to the Group." At 9:59am: (LON:ICGC) Irish Continental Group PLC share price was 0p at 5.65p Story provided by StockMarketWire.com

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