LONDON (ShareCast) - (Sharecast News) - Ireland-based ferry and maritime transport company Irish Continental reported a 6.1% improvement in its first-half revenue on Thursday, to €166.8m (£151.48m).
The London-listed firm said its EBITDA, before non-trading items, was ahead 14.9% year-on-year to €30m for the six months ended 30 June, while EBIT including non-trading items fell 12% to €26.5m.

Basic earnings per share were down 16.3% at 12.8 euro cents, and adjusted earnings per share slid 39.5% to 4.9 cents.

At the end of the period, the company had net debt of €127.1m, swinging from net cash of €54.6m at the end of the first half of 2018.

On the operational front, Irish Continental saw a 5.7% decrease in car volumes on its services to 161,200, while roll-on, roll-off freight was ahead 7.3% at 153,600 movements.

The company saw a 7.1% improvement in containers shipped to 176,300 twenty-foot equivalent units (teu), while port lifts were 5.4% higher at 163,100.

Irish Continental noted the introduction of the €155m 'W. B. Yeats' cruise ferry during the period, which began on scheduled services with its Irish Ferries brand in January.

The 'Oscar Wilde' vessel was sold in April for a deferred consideration of €28.9m, making for a profit before tax of €14.9m, following the sale of the 'Jonathan Swift' in April 2018 for a cash consideration of €15.5m, which brought in a profit before tax of €13.7m.

Fuel costs increased by €3.1m, or 13.8%, to €25.5m for the period, while the firm's owned container fleet expanded to five vessels, with the acquisition of 'Thetis D'.

"I am pleased to report improved revenue performance in the first six months of the financial year with growth achieved across both of our divisions," said Irish Continental chairman John McGuckian.

"This growth was supported by our fleet investment programme, most notably the commencement of scheduled sailings of the €155m W.B. Yeats in January.

"Growth in all our businesses has continued over the period since 30 June."

McGuckian said that, while the board remained positive for continued revenue growth, "more uncertainty than usual" existed in relation to geopolitical tensions and the mechanism for the proposed exit of the United Kingdom from the European Union.

"Both these uncertainties have the potential to affect growth in the economies in which we operate.

"Notwithstanding, the group remains in a strong position to pursue further opportunities."

The Irish Continental board declared a 5% increase in its interim dividend as part of the results, to 4.42 euro cents.

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