Significant decline in earnings expected in ICG’s full-year results

A SIGNIFICANT decline in earnings is expected when leading ferry and freight services business, Irish Continental Group (ICG) publishes its full-year results, for 2009, next week.

In January, the group reported that operating profit fell (on a year-on-year basis) from €37.5m to €24.1m in the first nine months of last year, with group revenue declining from €265.5m to €197.8m over the same timeframe. However, it did add that net debt had been reduced to its lowest level for 16 years, during the nine months. The group owns the Irish Ferries and Eucon companies among others.

Yesterday, in a results preview note — ICG is scheduled to publish its latest set of annual results next Tuesday — Goodbody Stockbrokers said that it expects the figures to include a 45% drop in adjusted earnings per share to 89c, a 19% fall in group revenue and a €16m drop in earnings before interest, tax, depreciation and amortisation (EBITDA) to €50m.