ICG ‘well placed’ despite earnings fall

FERRY and freight services business Irish Continental Group (ICG) said it is well placed to compete in challenging trading conditions, despite posting significant declines in its latest results.

The group, which owns Irish Ferries and Eucon Freight, yesterday reported a 23.2%, or €16 million, decline in earnings before interest, tax, depreciation and amortisation to €50.7m for 2009. Operating profit fell by over 36% to €26.5m and basic earnings per share fell by nearly 38% to 102.4c. Group revenue for the year came in at €260.5m, a 24% decline from 2008’s €343m.

Group chairman John McGuckian said that last year provided “the most challenging trading conditions seen in Ireland for many decades”, which impacted directly on the group’s passenger business, “but more significantly, on our freight business, which is inextricably linked to levels of internationally traded goods in north-westEurope”.