The opening of the Northern Cross extension in north Dublin is the main factor behind a huge increase in traffic across the WestLink toll bridge on the M50 motorway. Traffic across the West-Link increased by over 90 per cent to 7.6 million vehicles in the first half of 1997 compared to the same period in 1996. Toll income was up almost 92 per cent to £7.5 million. For the first time, however, NTR had to pay a licence fee of just over £1 million to the State, but still reported net revenues of almost £6.5 million in the first half of this year, compared to revenues of £8.9 million for all of 1996.
NTR director Mr Tom Roche said that about four-fifths of the increased traffic across the WestLink was the result of the opening of the Northern Cross, which extended the M50 motorway from the Navan Road to the Airport Road. Mr Roche said that the company is still in negotiations with the National Roads Authority to extend the West-Link through the construction of a twin-bridge which would increase total capacity from four to six lanes. Given the likelihood of a public inquiry into the twinbridge proposal after agreement is reached with authority, Mr Roche said that it would be probably a year before construction of the second bridge could get under way.
NTR has already said that extending the West-Link is essential if it is to cope with the traffic that will be generated by the eventual completion of the M50 motorway, once the Southern Cross and South-East Motorway sections are completed in a few years time. Other plans for the West-Link include additional toll lanes and the introduction of an electronic tolling system.
The company is confident for the remainder of the year, with the Malahide extension and the positive economic climate meaning that trading conditions are favourable. But the chairman, Mr Richard Hooper, has warned that the huge 1997 growth in West-Link traffic will be not be repeated, while half of the revenues from future increased volumes across the West-Link will accrue to the State.
Traffic across the East-Link bridge in Dublin dockland was unchanged at 3.5 million vehicles, but a 5p increase in toll charges meant that toll revenues increased by 7.7 per cent to £2.3 million. The surplus - after payments to the State - was up 6.2 per cent to £496,000.
As a result, pre-tax profits doubled to just under £5 million. After tax profits also more than doubled to over £3.1 million - despite a doubling in the deferred tax charge from £835,000 to £1.7 million.
The dividend has been increased from 5p to 10.5p per share. This means that of the total dividend of £1.9 million, the Roche family interests will receive almost £720,000 in dividends to their Conor Holdings investment company. Most of the remaining shares are held by institutional investors.
