Displaying items by tag: HalfYearly Results

1st September 2016

ICG Sees Bookings in Tourism Recover after Brexit Wobble

Earnings at the container and ferries operator, ICG group rose 19.6%, driven by car and freight volumes. Above is Irish Ferries flagship, Ulysses that operates on the premier Dublin-Holyhead route

#HalfYearResults - Container and ferry operator, Irish Continental Group said the Brexit vote “shock” had a brief impact on tourism bookings. But they have since recovered as the ferry operator reported a 19.6 per cent increase in earnings for the first half, writes The Irish Times.

Earnings before interest, tax, depreciation and amortisation (ebitda) rose to €30.5 million from €25.5 million for the same period last year. Cars carried on its division, Irish Ferries increased 5.5 per cent and roll-on, roll-off (RoRo) freight volumes gained 5.6 per cent.

Container (LoLo) volumes shipped during the period rose by 7.4 per cent, it said.

The result of the June Brexit referendum “had an initial negative impact on UK consumer demand”, said ICG. “The demand situation seems to have settled now as the initial shock of the referendum result has waned, although the negative sterling impact on yields remains.”

ICG said the outlook for the remainder of the year “is for a continuation of the overall business momentum seen to date, with some easing in our tourism revenues, growth in our RoRo and LoLo (lift-on, lift-off) revenue, and increased contribution” from chartering ships to third parties.

Total revenues rose by 5.2 per cent on the year to €150 million, while basic earnings per share increased 32 per cent to 10.3 cents. ICG will pay out a 3.82 cent dividend for the first half, up 5 per cent on its last interim dividend.

For more on the half-year results, click here.

Published in Ports & Shipping

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.