ICG posts 54% rise in operating profits

Irish Continental Group (ICG), the company behind Irish Ferries, has reported a 54% increase in operating profits for last year.

The company made €40.9m in 2010 and recorded an 8% increase in passenger numbers.

Revenue for the 12 months to end December 2010 was €262.2m, up 0.7% on the previous year.

‘‘Irish Continental Group delivered a strong set of results in 2010 with EBITDA up 5.7% to €53.6m and

EPS of 156.8c up 53.1%," said Chairman John B McGuckian s

"Key factors in the results included a strong performance from the passenger side of

our business, where revenue was up 12.3% and, the profit on the sale of the vessel Bilbao (€9.4m )

partially offset by a weakness in the freight side of the business due to the sharp reduction in economic activity in Ireland over the last number of years, and the effects of ship overcapacity in the market."

Mr McGuckian said the company was facing into an uncertain year for 2011with the combined effects of higher fuel costs and austerity programmes in Ireland and the UK providing a challenge.

"Nevertheless we have made a solid start to the year and with a strong balance sheet to support us we look forward to the rest of the year with confidence."