Profit up while debt sinks at ferry firm

CAR ferries operator, Irish Continental Group, reported a sharp rise in pre-tax profits last year, prompting a €1 final dividend to shareholders.

The group’s debt of €13.8 million at end September is now down to €6.3m, the lowest since 1993.

Results for the year to end December 2010 showed the profit before tax rose 61% to €40.1m against €24.9m, while turnover for the period rose marginally to €262.2m (+0.7%) following two years of decline.