‘Cost cutting a big factor in profit turnaround’

Irish Continental Group founder and chief executive Eamon Rothwell said failure to generate top line growth was the key reason management want to take the company private.

Cynics could be forgiven for thinking that having dumped more than 500 loyal Irish workers from the ferries business, through a loophole in maritime law, it is set to make good profits in the future.

Mr Rothwell said at a press conference in Dublin yesterday he expected to make profits and that the cost cutting was a huge factor in the profit turnaround in 2006.