Revenue down at Irish Ferries parent ICG

Maritime transport company Irish Continental Group (ICG) today reported a revenue slump of 24% for year ended December 2009, down to €260.5m from €342.9m the previous year, but said its financial and operational performance was “solid” given the economic climate.

Pre-tax profits for the period were €24.9m, down from €43m in 2008, the Irish Ferries owner said.

Basic EPS was 102.4 cent compared with 164.7 cent in 2008, while adjusted EPS was 107.7 cent compared with 148.9 cent the previous year. The Board is proposing a final dividend of 100 cent per share in respect of the year.

“2009 provided the most challenging trading conditions seen in Ireland for many decades,” said chairman John B. McGuckian.

“World trade suffered as a global recession took hold while Ireland experienced a reduction in economic activity significantly greater than many of our trading partners.”

The company said the economic climate had an impact on its passenger business but more significantly on its freight business which is inextricably linked to levels of internationally traded goods in North West Europe.

Trading conditions in 2010 were set to remain challenging, it said.