ICG reports a strong start to 2017 - and a €45m windfall

Irish Ferries' passenger numbers are rising...

ICG reports a strong start to 2017 - and a €45m windfall

Irish Ferries, Facebook

Irish Continental Group (ICG) has reported a 4% increase in its consolidated group revenue for the year to May 13th.

Revenues at its Ferries Division increased by 3.9%, growing to €53.6m.

During the first five and a half months of the year, it carried 103,200 cars on its ships. That's 0.7% less than the same period last year. Container Freight traffic has increased by 4.5%.

ICG also announced that it has entered into a Memorandum of Agreement ("MOA") for the sale of the passenger ferry Kaitaki to the New Zealand ferry operator KiwiRail for €45m.

The 21-year old ship was no longer used by ICG after it acquired the larger Ulysses back in 2001 has been chartered out since and generated operating profits of €2m last year alone.

The Kaitaki was valued at €16m in ICG's books or about one-third of the sale price

It adds that the "proceeds will be used for general corporate purposes."