Ferries row ‘to cost firm €11m’

IRISH FERRIES’ row over the replacement of its Irish workers could cost up to €11 million in lost profits in the current year, its parent warned yesterday.

Irish Continental Group (ICG) told the stock exchange profits for 2005 would be “substantially below” market expectations at the pre-exceptional level. Shares in the company tumbled during the day and were down 2.95% at €10.19 in late afternoon trading.

Last year the group made profits before interest and exceptionals of €23.3m and markets had been expecting a figure of around €25m for the current year before the controversy.