ICG profits down despite revenue rise

Irish Continental Group (ICG) has today announced that operating profit in 2011 down 8.3% to €28.9m compared to €31.5m in 2010.

Revenue grew by 4.2% to €273.3m while EBITDA was €49.1m compared with €53.6m million in the previous year.

The company blamed an increase of €10.7m in fuel costs in the year for the decline in profits.

Adjusted EPS was 109.9 cent compared with 121 cent in 2010.

Turnover for the year amounted to €273.3m (up from €262.2m).

Commenting on the results, chairman John B McGuckian said: "I am pleased to be able to report a solid performance by Irish Continental Group with revenue up over 4%, and EBITDA and operating profit of €49.1m and €28.9m respectively, down about 8% despite an increase of 26% in our fuel bill to €52.1m.

"The current year will be challenging as fuel costs have further increased but with our disciplined approach to capacity I am confident of the group's prospects."