Given it's lingering association with asset bubbles, it's debatable whether anyone in Ireland would welcome the restoration of the Celtic Tiger label. But the nation's ongoing economic recovery seems to have helped passenger and cargo ferry group Irish Continental (ICG). Passenger footfall benefited from the effects of strong sterling, which made the Emerald Isle an even more attractive destination for UK holidaymakers. This was evident by its passenger and car numbers, which both rose healthily compared to the wider market. Beyond this, the low oil price clearly helped too: the group's annual fuel bill fell by more than a quarter to €39m (£30m).
The group's ferries division, where its Irish Ferries brand sits, saw revenues rise 10.6 per cent to €204m driven as much by an increase in freight as leisure travellers. On the containers front, four more vessels were added to the fleet to be chartered out on contract. The group's container and terminal division also benefited from the country's improved economic fortunes, as container numbers handled at its Dublin and Belfast ports rose by a third to 248,500. This was partly helped by the fact it secured another contract for a further container terminal in Belfast Harbour last year.
Analysts at Goodbody upgraded their 2016 expectations on the back of these results and now predict adjusted cash profits of €85m, leading to EPS of 33.9¢, compared with €75.5m and 28.4¢ in 2015.
| IRISH CONTINENTAL GROUP | ||||
|---|---|---|---|---|
| ORD PRICE: | 505¢ | MARKET VALUE: | €942m | |
| TOUCH: | 490¢-515¢ | 12-MONTH HIGH: | 560¢ | LOW: 360¢ |
| DIVIDEND YIELD: | 2.2% | PE RATIO: | 17 | |
| NET ASSET VALUE: | 62¢ | NET DEBT: | 38% | |
| Year to 31 Dec | Turnover (€m) | Pre-tax profit (€m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2011 | 252 | 26.4 | 111 | 100 |
| 2012 | 256 | 21.0 | 183 | 100 |
| 2013 | 265 | 23.7 | 146 | 100 |
| 2014* | 290 | 56.7 | 30.4 | 10.5 |
| 2015 | 321 | 54.1 | 28.9 | 11.0 |
| % change | +11 | -5 | -5 | +5 |
Ex-div: 26 May Payment: 10 Jun From 2014 EPS and DPS figures reflect 10-for-1 share split dated 9 June 2014 £1=€1.29 | ||||
