Ferry operator Irish Continental Group (ICG) today reported profit before tax and exceptional item of €14.6 million for the year to October 31st 2001.
Though the figure was lower than the previous year’s outturn of €19 million, the group said it was satisfied given the adverse effects of the foot and mouth outbreak.
"The stability of the second half performance indicates that the effects of foot and mouth disease had begun to abate as the second half progressed," ICG said in a statement.
In the seasonally more significant second half of the year, sales were €186.8 million (€191 million the previous year), operating profit was 2 per cent higher (€27.6 million vs €27.1 million) and profit before tax and exceptional item was €21.8 million compared with €23.7 million last year.
Despite the severe impact of foot and Mouth disease on sea travel to Ireland from Britain, in the period from late February to early September, a recovery in carryings in the latter weeks of the year resulted in passenger carryings overall declining by only 4 per cent to 1.73 million passengers.
On the Dublin/Holyhead route, where DublinSwift fast ferry continues to develop its market, passenger numbers were broadly unchanged at 1.14 million while on the Rosslare/Pembroke route, where the impact of Foot and Mouth Disease was more marked, there was a 16 per cent decline to 0.38 million passengers.
On the Ireland/France route, passenger numbers were unchanged at 0.21 million.
Overall passenger numbers in the second half was 1.18 million (1.20 million last year). Average passenger yields across all routes for the year as a whole were up by 10 per cent.