ICG profits up, group sets offer deadline

Pre-tax profits at Irish Continental Group (ICG) totalled €43 million last year, up 6.6 per cent from €40.7 million in 2007.

ICG said in a statement this morning it had set a deadline of March 18th for the Mooduster consortium to bring forward an offer for the ferries group.

The company first received an approach from Moonduster on 23rd October. It said today it was concerned about the length of time it was taking for an offer to be announced.

Separately, ICG said operating profit rose 4.5 percent to €41.8 million for the year ended 31st December 2008. Ebitda declined 17.7 per cent over the year from €80.2 million ot €66 million.

The group reported a 3.6 per cent decline in revenue to €342.9 million compared with €355.8 million in 2007.


ICG said that group fuel costs rose 42 per cent during the year from €36.1 million to €51.3 million.

Turnover in the group's ferries division was down 7.5 per cent at €183.1 million while profit from operations was €34.9 million compared with €40.9 million in 2007. The reduction in profit was due to weaker passenger and freight markets, weaker sterling and higher fuel costs within the division, which rose 37 per cent to €30.3 million.

For the first time in over twenty years, the roll on roll Off (ro ro) freight market in Ireland did not exhibit growth. Total market volumes were down by 8.7 per cent in the twelve months, the group said.

ICG said the number of passengers it carried last year declined 6.3 per cent while car numbers fell 7 per cent.