Profits up at Irish Continental

In a preliminary statement of results this morning, Irish Ferries owner Irish Continental said operating profit for 2006 was €32.2m, up from €18.1m in 2005.

Net debt increased from €105.9m to €113.8m.

Chairman John B McGuckian said: "I am pleased to report on a successful 2006 for the group.

“Our performance in freight was positive, while in the car market we performed in line with the market, which declined 3%.

“We have reduced our cost base to enable us to compete more effectively in what is a demanding international marketplace."