ICGC Irish Continental Group Plc

 
TIDMICGC 
 
 
   TRADING UPDATE 
 
   Volumes (Year to date, 11 November 2017) 
 
 
 
 
                               2017   2016    Change 
Cars                        385,100  376,800   +2.2% 
RoRo Freight                247,700  246,500   +0.5% 
Container Freight (teu*)    281,000  266,300   +5.5% 
Terminal Lifts              258,400  250,300   +3.2% 
 
 
   *teu: twenty foot equivalent units 
 
   Irish Continental Group (ICG) issues this trading update which covers 
carryings for the year to date to 11 November 2017 and financial 
information for the first ten months of 2017, i.e. 1 January to 31 
October with comparisons against the corresponding period in 2016. All 
figures are unaudited. 
 
   Consolidated Group revenue in the period was EUR288.9 million, an 
increase of 3.1% compared with last year. Net cash at the end of October 
was EUR43.6 million compared with a net debt position of EUR37.9 million 
at 31 December 2016. 
 
   Ferries Division 
 
   Total revenues recorded in the period to 31 October amounted to EUR184.4 
million (including intra-division charter income), a 1.4% increase on 
the prior year. 
 
   For the year to 11 November, Irish Ferries carried 385,100 cars, an 
increase of 2.2% on the previous year. In the period since 30 June car 
carryings increased by 2.1% compared with the same period last year. 
Freight carryings for the year to 11 November were 247,700 RoRo units, 
an increase of 0.5% compared with 2016. In the period since 30 June 
carryings grew at 1.6% underperforming market growth rates as the 
division has focused on higher yielding accompanied freight traffic in 
advance of the introduction of the new ferry W.B. Yeats during 2018. 
 
   The Euro value of the division's Sterling originating revenues have been 
affected by weaker Sterling but this has been partly mitigated by 
offsetting improvement from Sterling based costs. Fuel costs continue to 
be impacted by higher global fuel prices compared to the previous year. 
 
   The MV Kaitaki was sold on 25 May 2017 generating a profit after tax of 
EUR25.5 million. The container vessel MV Ranger remains on time charter 
to a third party and is currently trading in North West Europe while the 
MV Elbtrader, MV Elbcarrier and MV Elbfeeder remain on time charter to 
the Group's container shipping subsidiary Eucon. The HSC Westpac Express 
which was delivered to the Group on 1 June 2016 also remains on bareboat 
charter to a third party. 
 
   In relation to the construction of the new cruise ferry W.B. Yeats, 
Flensburger Schiffbau-Gesellschaft MBH & CO. have informed us that the 
ship remains on schedule for delivery in June 2018. Irish Ferries is now 
accepting bookings for travel in 2018 on the W.B. Yeats. 
 
   Container and Terminal Division 
 
   Total revenues recorded in the period to 31 October amounted to EUR111.2 
million, a 5.9% increase on the prior year. 
 
   For the year to 11 November container freight volumes shipped were up 
5.5% on the previous year at 281,000 teu, with the rate of growth 
slowing to 3.8% in the period since 30 June. 
 
   Units handled at our terminals in Dublin and Belfast increased 3.2% year 
on year to 258,400 lifts. In the period since 30 June terminal 
throughput was 5.4% higher reflecting market growth. 
 
   The effect of a weaker Sterling is not significant in the Container and 
Terminal Division due to the low level of net Sterling exposure. 
 
   Dublin 
 
   14 November 2017 
 
   Enquiries 
 
   Eamonn Rothwell, CEO,                                                    +353 1 607 5628 
 
 
   David Ledwidge, CFO,                                                        +353 1 607 5628 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Irish Continental Group plc via Globenewswire 
 
 
  http://www.icg.ie/ 
 

(END) Dow Jones Newswires

November 14, 2017 02:00 ET (07:00 GMT)

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