14 December 2006
Irish Continental Group plc issues the following update on trading
prior to entering its closed period.
Trading in the period since we issued our interim statement in
September has been ahead of expectations. At the time of our
interim statement, car volumes year to date were down 12% and our
expectation for the full year was a decline of approximately 7%.
Based on the experience in October and November we now expect a
smaller full year decline of approximately 5%.
In the Roll on Roll Off freight market our volumes were up 3% year to
date in September and our expectation was for a full year increase
of between 9%.and 10%. Based on volumes achieved in October and
November we expect an increase of around 11% for the full year.
In the light of the above we would, in the absence of unforeseen
circumstances, expect the underlying full year profit before tax,
before separately disclosable and non- recurring items, to be ahead
of current market expectations.
Expansion of Port Facility in Dublin
Separately ICG is pleased to announce an extension of its port
terminal facility in Dublin Port
Agreement has been reached with Dublin Port Company on a development
that will significantly increase the capacity of our Dublin based
container terminal (DFT). The terminal, which is currently the
largest in the country, will see its capacity increase by almost 50%
(from180,000 lifts to 270,000 lifts annually) as a result of this
development. Additional container handling machinery, including a
new ship to shore gantry crane will be introduced. The development
also involves the extension of the terminal by more than 7 acres (3
hectares) and the quay wall will be lengthened by 60metres
In its new form, DFT will be capable of handling the next generation
of vessels that will call to Dublin Port and through its investment
in state of the art ship to shore and secondary handling machinery,
the terminal will be capable of achieving and maintaining excellent
service levels. The development is expected to be completed by early
2008. The provision of additional capacity in Dublin Port comes at a
time when volume throughput continues to grow strongly and when the
need for additional unitised capacity has been recognised by all
industry stakeholders.
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