Irish Continental Group PLC on Thursday said its latest half year was ‘a period of further progress’ with earnings rising, and that it is ‘well placed’ for the future.

The Dublin-based ferry operator said pretax profit increased 4.3% to €14.6 million in the first half of 2024, from €14.0 million the year before.

Revenue increased 8.1% to €285.5 million from €264.0 million.

Earnings before interest, tax, depreciation and amortisation rose 1.4% to €49.7 million from €49.0 million. Operating profit was up 7.4% to €17.4 million from €16.2 million.

Irish Continental said its result ‘is reported against the background of the continued return towards pre-pandemic travel patterns and our continued growth on the Dover – Calais route’.

‘The group has continued to focus on strategic development and has maintained a strong liquidity position,’ it added.

Irish Continental declared a 5.11 cents per share interim dividend, 5.0% higher than the prior year’s 4.87 cents.

‘HY 2024 has been a period of further progress for the group,’ Chair John McGuckian commented. ‘The Ferries division has seen strong growth of 21% in passenger car...as well as good growth in revenues and profitability. In our Container & Terminal division, containers shipped and port lifts have both increased...and we expect profitability to improve in the second half of the year.

‘The above market growth in our volumes reflects customer belief in our services and trust in our brands and positions the company well for future profitable growth.’

Looking ahead, McGuckian added: ‘With the prospect of lower interest rates and future economic growth, ICG is well placed to capitalise on the opportunities that this will present given the extended footprint of our route structure and the strength of our balance sheet.’

Shares in Irish Continental were untraded at 465.00 pence in London early on Thursday afternoon. They last sold there for 468.46p on Wednesday.

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