ICG results surpass brokers’ expectations

FERRY operator Irish Continental Group should be able to generate free cash flow of close to €40m a year in the short term, results published by the company yesterday indicate.

ICG’s results for the 12 months to the end of December surpassed brokers’ expectations and puts the company in a very strong position to reduce year-end net of €157.4m which put it on a gearing of 85% but interest cover was 3.7 times.

The company’s free cash flow (pre-dividend) to market capitalisation at over 23% is the highest in the Irish market.