Ferry group warns of rising fuel costs but still ‘confident’

Irish Ferries owner Irish Continental Group has warned of the effect of rising fuel costs on its balance sheet but remains “confident” about its prospects.

The ferry and freight services group — which also owns the Eucon and Feederlink businesses — saw its fuel bill rise by 26% to €52.1m last year.

The group yesterday reported financial results for 2011, which represent what management called “a solid performance”, with revenue up 4.2% at €273.3m.