ICG navigates choppy Brexit waters

Profits are up for the group...

ICG navigates choppy Brexit waters

Irish Ferries, Facebook

Irish Continental Group revenues rose by 5% to €150m - and its earnings enjoyed a significant 20% increase, growing to €30.5m during the first half of the year.

The group benefitted during the period from the continued recovery in the Irish economy and from lower fuel prices.

Freight volumes increased by 5.6% while the number of cars grew by 5.5% to 170,500.

Referring to the traditionally more profitable second half of the year, chairman, John McGuckian said:

"The uncertainty caused by the outcome of the UK referendum had an initial negative impact on tourism bookings which have since recovered."

"Tourism bookings over the key summer months were broadly in line with expectation though the continuing sterling weakness has resulted in lower euro revenues ... The referendum has had, to date, very little impact on roll on-roll off freight volumes which remain strong."

Shares in ICG dropped by 3.8% during early trading this morning. The group's net debt fell by 57% to €18.9m.

Irish Ferries operated over 2,500 sailings in the period.