ICG revenue rises 6 per cent in four months but losses widen

Revenue at Irish Continental Group rose by almost 6 per cent in the first four months of 2014, but losses widened as extra costs from expanding the firm's routes were incurred.

An interim management statement from the firm showed revenue rose to €76.7 million as ICG expanded its services between Dublin and Holyhead, and chartered the Epsilon for its Dublin to Cherbourg route.

Total sailings were up by 17 per cent across all ICG routes, but operating costs were also higher, increasing by 9 per cent to €73.8 million, mainly due to additional port and operational costs.

That led to an operating loss of €2.6 million, compared with €1.1 million a year earlier, with a pretax loss of €4.3 million, up from €3.1 million a year earlier. Earnings before interest, tax, depreciation and amortisation fell to €2.9 million from €4.8 million in the same period in 2013.

The addition of the Epsilon and the extra routes had a knock-on effect for the company's freight figures, with roll-on, roll off freight up 18 per cent in the 20 weeks to May 17th, and container freight volumes increasing 1 per cent to 107,800 twenty foot equivalent units. At ICG terminals in Dublin and Belfast, the number of units handled rose 6 per cent year on year to 69,700 lifts.

Passenger numbers were broadly flat as a 5 per cent increase in cars was offset by a fall-off in foot passengers.