Ferry and freight services group Irish Continental has said it is cautious about its growth prospects for this year, after seeing pre-tax profits fall by over 20% last year.

The head of Irish Ferries has said that initial sales indications for the summer months have been “reassuringly positive”, adding that the company could also survive a collapse of the euro currency.

Market analysts have remained relatively upbeat over the prospects for ferry operator/freight business, Irish Continental Group (ICG) — which holds its annual general meeting on Wednesday.

Ferry and freight services group Irish Continental saw passengers rise and its debt levels drop in the first four and a half months of this year; but losses rose and total revenues dropped slightly due to significant increases in fuel costs.

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.

A FRESH management buyout bid at ferry and freight services group Irish Continental (ICG) is unlikely to materialise in the foreseeable future.

IRISH Continental Group (ICG) slipped into the red during the first quarter, recording a pre-tax loss of €1.2 million. It remains uncertain over its financial prospects for 2011 due to rising fuel costs.

FERRY and freight operator Irish Continental Group (ICG) paid its executive directors just over €400,000 more in 2010 than it did the previous year.

IRISH Continental Group (ICG), the ferry and freight services group which owns Irish Ferries, has seen an 11% like-for-like increase in passenger numbers in the year to date.

A SIGNIFICANT decline in earnings is expected when leading ferry and freight services business, Irish Continental Group (ICG) publishes its full-year results, for 2009, next week.

IRISH Continental Group (ICG) – the ferry and freight services business – has reported a 9.7% year-on-year decline in passenger numbers for the 25-week period up to the end of last week.

THE latest figures released by the Irish Maritime Development Office (IMDO) show that Ireland’s shipping passenger market is continuing to peg back market share from the low-cost airline market.