Ferries dispute hits ICG as 2005 reveals €14.8m loss

THE Irish Ferries dispute and associated rationalisation costs plunged Irish Continental Group into losses of €14.8 million before tax in 2005.

That compared to profits of €5.5m in 2004. The restructuring charge of €29m involved the redundancy package in Irish Ferries, where Irish workers have been replaced by cheaper foreign labour.

At the time the group said the industrial dispute linked to the job losses cost the group an additional €5m in lost earnings as sales revenue grew by just over €5m to €298.7m for the group as a whole.