Interim Results

INTERIM RESULTS
                  FOR THE PERIOD ENDED 30 JUNE 2007


Highlights                                          Six months to 30th June Financial
                                                                                 Year
                                                    2007              2006*      2006
Revenue                                          ¤163.2m            ¤141.8m   ¤312.1m
Trading Profit                                    ¤16.4m              ¤2.6m    ¤32.2m
Non Recurring (Charge) / Credit                 ¤(16.5m)                  -     ¤0.7m
Operating (Loss) / Profit                        ¤(0.1)m              ¤2.6m    ¤32.9m
EPS    Basic                                      (6.8)c              10.2c    137.4c
           Diluted                                     -              10.2c    136.9c
EPS    Adjusted                                    50.8c             (1.7)c    108.5c
           Adjusted Diluted                        49.4c                       108.1c
                                                         -


 *2006 results have been restated to reflect changes in accounting
policies adopted for the financial year 2006.



John B. McGuckian
Chairman
10 September 2007


Enquiries:       Eamonn Rothwell Tel: [phone]
                     Garry O'Dea          Tel: [phone]
                     Email:     [e-mail]
                     Website: www.icg.ie












PRELIMINARY STATEMENT OF RESULTS
FOR THE SIX MONTHS TO 30TH JUNE 2007

RESULTS
The Board of  Irish Continental  Group plc (ICG)  reports Revenue  of
¤163.2 million in  the six months  to 30th June  2007, compared  with
¤141.8 million (restated) in the same period in 2006. Trading  profit
was ¤16.4 million compared with ¤2.6 million  in 2006.   There was  a
non recurring  charge  of  ¤16.5 million  relating  to  the  proposed
acquisition of the Group (see below).  Loss from operations was  ¤0.1
million, compared with a profit of ¤2.6 million in the same period in
2006. Finance costs  (net of  investment revenue)  were ¤0.9  million
which includes a net credit of  ¤2.9 million in relation to  interest
on defined benefit pension scheme assets and liabilities.  There  was
a loss before  tax of  ¤1.0 million compared  with a  profit of  ¤2.6
million in the first  half of 2006. The  tax charge was ¤0.6  million
(2006: ¤0.2 million).   Basic EPS  was a loss  of 6.8c compared  with
earnings of 10.2c in 2006.   Adjusted EPS, i.e. before non  recurring
items and the net pension interest credit amounted to 50.8c (loss  of
1.7c in 2006).

NON RECURRING ITEM
On 8th March 2007 a committee  of Independent Directors of the  Board
and the Board  of Directors  of Aella plc  announced the  terms of  a
recommended acquisition  for cash  of the  entire issued,  and to  be
issued, share  capital of  ICG  by Aella  for cash  consideration  of
¤18.50 per  ICG Unit  (the "Aella  Offer").   On 14th  June 2007  the
Independent Directors of ICG and the Board of Directors of Moonduster
Limited announced the terms of a recommended acquisition for cash  of
the entire  issued,  and  to  be issued,  share  capital  of  ICG  by
Moonduster for  cash  consideration  of ¤22.00  per  ICG  unit  ("The
Moonduster Offer"). In the announcement of the Moonduster Offer,  the
Independent Directors indicated that by announcing their intention to
recommend  the   Moonduster  Offer   they  were   withdrawing   their
recommendation  of  the  Aella  Offer.   On  20th  August  2007   the
Independent Directors of  ICG announced  the terms  of a  recommended
revised acquisition for cash of the entire issued, and to be  issued,
share capital of ICG by Aella plc for a cash consideration of  ¤24.00
per ICG unit. The  non recurring charge  of ¤16.5 million  represents
estimated potential costs incurred by  the Group to date in  relation
to this process.

REDEMPTION OF REDEEMABLE SHARES
As stated above the offer period for the Company which commenced on 8
March 2007, is still ongoing.   In the preliminary results
announcement for the year ended 31 December 2006, it was stated that,
in light of the Aella  Offer , the Directors did not propose to
declare a further redemption of Redeemable Shares or payment of an
ordinary dividend for the year ended 31 December 2006.  The offer
period is still ongoing and it remains a condition of the offers
which the Company has received that no new dividends or redeemable
share redemptions occur and accordingly the Directors continue to
propose not to declare any further redemption or dividend for the
time being.

OPERATIONAL REVIEW

Ferries Division
The division comprises  Irish Ferries,  a leading  provider of  ferry
services between Ireland and both the UK and Continental Europe,  and
the chartering of multipurpose ferries to third parties.
Revenue in  the division  was ¤85.9  million (2006:  ¤72.2  million).
Profit from operations was ¤12.2 million (2006: ¤1.4 million).
The Irish Ferries' passenger business  is driven by car tourism.  Our
total cars carried in the first half  of 2007 is, at 173,000, up  19%
from the first half of 2006, whereas the market as a whole is up 4%.
The  prior  year  comparison  for  the  passenger  business  benefits
significantly from the consequential effects of industrial action  in
November and December of 2005. When  compared with the first half  of
2005, when there was no such disruption, our total cars carried  were
up 7%.
The passenger business has  been further helped  by the reduction  in
overall capacity within the industry which took effect in the  latter
half of 2006, and is impacting in 2007.  There was a reduction in one
competitor's fast ferry frequency on  the Central Corridor, while  on
the  Southern  Corridor  another  competitor  temporarily   suspended
services for 2007.
The overall Roll On Roll Off freight market continues to develop  and
our volumes were  up 19%  to 131,000  units, when  compared with  the
first half of 2006.
Volume growth exceeded that of  the market (itself up 7%),  primarily
due to the absence of the knock-on effect of the industrial action in
late 2005 on carryings  in the comparable  period. Another factor  in
the increase in volume growth is the timing of our drydockings  which
effectively increased our capacity in January 2007, while one of  our
competitors had a temporary reduction  in capacity in March 2007  due
to operational reasons.
In ship chartering, the Pride of  Bilbao remained on charter to  P&O,
servicing their Spanish route from Portsmouth while the former  Pride
of Cherbourg continued its  subcharter to Toll  Shipping Pty, in  New
Zealand.
In January we announced the  acquisition of the mv Kronprins  Harald,
which we will rename Oscar  Wilde, in an investment of  approximately
¤45 million. The vessel  remained on charter  with the vendors  until
its physical delivery scheduled for the second half of the year.

Container and Terminal Division
The  division  includes  our   intermodal  freight  services   Eucon,
Feederlink and  Eurofeeders  as  well as  our  strategically  located
container terminals in Dublin and Belfast, (DFT & BCT).
Turnover in the  division was  ¤77.3 million  (2006: ¤69.6  million).
Profit from operations was ¤4.2 million (2006: ¤1.2 million).
Total containers shipped on continuing routes were up 12% at  255,000
teu., while the  number of  units lifted  at our  port facilities  in
Dublin (DFT) and Belfast (BCT) were  up 11% at 88,000 lifts.   During
the half  year  we  broadened our  product  offering  by  introducing
refrigerated containers  to  cater  for the  market  for  temperature
controlled products for the first time.
A construction project to add capacity at DFT, our lift-on / lift-off
terminal in Dublin Port, com
menced in March  2007 and  has progressed  satisfactorily during  the
half year.

FINANCE
Capital expenditure  in  the period  was  ¤51.3 million  (2006:  ¤8.4
million), principally  the acquisition  of the  Oscar Wilde  and  the
development of DFT.  Net debt at  the end of  the period amounted  to
¤121.2 million.  This compares  with ¤113.8  million at  31  December
2006, the increase due mainly to the significant capital  expenditure
partially offset by the positive cash flow from operations.

CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007

     As restated
                                                         Notes
30 June           30 June         31 Dec

2007                2006             2006

¤m                   ¤m                ¤m
Continuing operations
Revenue
163.2               141.8            312.1
Depreciation and amortisation
(16.2)               (13.0)            (27.5)
Employee benefits expense
(17.2)               (19.7)            (32.9)
Other operating expenses
(113.4)              (106.5)          (219.5)
Trading
profit
16.4                   2.6              32.2
Non recurring (charge) / credit
(16.5)                       -                0.7
Operating (loss) / profit
(0.1)                   2.6              32.9
Investment revenue
10.2                   8.2              18.3
Finance costs
(11.1)                 (8.2)            (17.9)
(Loss) / profit before taxation
(1.0)                   2.6              33.3
Income tax expense
(0.6)                 (0.2)              (1.0)
(Loss) / profit for the period: all
attributable to equity holders of the parent        (1.6)
       2.4                 32.3

(Loss) / earnings per ordinary share (cent)
All from continuing operations
- basic
4                     (6.8)                 10.2            137.4
- diluted
4                           -                 10.2            136.9

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE SIX MONTHS ENDED 30 JUNE 2007

           As restated

30 June           30 June         31 Dec

2007                2006             2006

¤m                   ¤m                ¤m
Gain on cash flow hedges
    -                      -                 0.6
Exchange differences
on translation of foreign
 operations
(1.0)                 (2.7)              (0.9)
Actuarial (loss) / gain on retirement
 obligations
(0.8)                   4.1              12.1
Deferred Tax on Group defined benefit
 pension schemes
(0.3)                       -              (0.5)
(Loss) / profit for the period
                              (1.6)                   2.4
       32.3

Total recognised (expense) / income for
the period: all attributable to equity holders
of the parent - (decrease) / increase in
retained earnings
(3.7)                   3.8              43.6
Effect of change in accounting policy
-                   1.4                1.5
Total recognised income and expense
 for the period as restated
(3.7)                   5.2              45.1

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2007

                                     Share
             Share   Share  Capital Options Hedging Translation Retained
            Capital Premium Reserve Reserve Reserve   Reserve   Earnings Total
              ¤m      ¤m      ¤m      ¤m      ¤m        ¤m         ¤m     ¤m

Balance at
1 January
2007           15.9    40.6     2.2     0.5     0.5         2.7    115.9 178.3

Exchange
differences
arising
on
translation
of foreign
operations        -       -       -       -       -       (1.0)        - (1.0)
Actuarial
loss on
defined
benefit
pension
schemes           -       -       -       -       -           -    (0.8) (0.8)
Deferred
Tax on
Group
defined
benefit
 pension
schemes           -       -       -       -       -           -    (0.3) (0.3)
              _____   _____   _____   _____   _____       _____    _____ _____
Net expense
recognised
directly in
equity            -       -       -       -       -       (1.0)    (1.1) (2.1)

Loss for
the period        -       -       -       -       -           -    (1.6) (1.6)
              _____   _____   _____   _____   _____       _____    _____ _____
Total
recognised
income and
expense for
the period        -       -       -       -       -       (1.0)    (2.7) (3.7)

Share issue     0.1       -       -       -       -           -        -   0.1
Exercise of
share
options -
shares
issued at
premium           -     0.9       -       -       -           -        -   0.9
Employee
share
options
expense           -       -       -     0.3       -           -        -   0.3
              _____   _____   _____   _____   _____       _____    _____ _____

                0.1     0.9       -     0.3       -       (1.0)    (2.7) (2.4)
              _____   _____   _____   _____   _____       _____    _____ _____
Balance at
30 June
2007           16.0    41.5     2.2     0.8     0.5         1.7    113.2 175.9
              _____   _____   _____   _____   _____       _____    _____ _____
Analysed as
follows:
Share
capital                                                                   16.0
Share
premium                                                                   41.5
Other
reserves                                                                   5.2
Retained
earnings                                                                 113.2
                                                                         _____
                                                                         175.9
                                                                         _____


CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007

As restated
                                                         Notes
30 June           30 June         31 Dec

2007                2006             2006

¤m                   ¤m                ¤m
Assets
Non current assets
Property, plant & equipment                   5
305.4                279.9             271.0
Intangible assets
                                   6
2.6                    3.2                 2.8
Long term
receivables                                                   4.7
4.8                 4.5
Retirement benefit surplus
31.2                 14.3               29.9

    343.9               302.2             308.2
Current assets
Inventories
0.8                    0.8                 0.6
Trade and other receivables
46.1                  48.6               53.5
Derivative financial instruments
0.4                    0.4                 0.5
Cash and cash equivalents
19.0                  12.5               11.0

66.3                   62.3               65.6
Total assets
410.2               364.5              373.8
Equity and liabilities
Capital and reserves
Share
capital
16.0                  15.9               15.9
Share premium

41.5                  40.4               40.6
Other
reserves
5.2                    3.6                 5.9
Retained earnings
113.2                  81.2             115.9
Equity attributable to equity holders
175.9                 141.1             178.3
Non-current liabilities
Borrowings
107.4                124.1             105.3
Obligations under finance leases
4.1                    5.9                 5.0
Trade and other
payables
-                    3.3                    -
Provisions                                                                   4.2
2.0                  1.8
Deferred tax liabilities
           5.9                    5.2
       5.6
Retirement benefit obligation
9.2                    0.6                 10.1
                                                                                130.8
141.1               127.8
Current liabilities
Borrowings
26.3                  11.6               11.9
Obligations under finance leases
2.4                    3.3                 2.6
Trade and other payables
70.5                  62.6               47.8
Current tax
liabilities
4.2                    4.1                 3.6
Provisions
0.1                    0.7                 1.8

  103.5                  82.3               67.7
Total
liabilities
234.3               223.4              195.5
Total equity and liabilities
410.2               364.5              373.8

CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007

           As restated

30 June           30 June         31 Dec

2007                2006             2006

¤m                   ¤m                ¤m
Operating activities
(Loss) / profit for the period
(1.6)                   2.4              32.3
   Adjustments for:
Finance costs (net)
0.9                       -              (0.4)
Income tax expense
0.6                   0.2                1.0
Retirement benefit obligation - service
cost

1.2                   1.5                3.2
Retirement benefit obligation - payments
   (1.1)                 (0.5)              (1.7)
Depreciation of property, plant and equipment
15.7                 12.6              26.5
Amortisation of intangible assets
0.5                   0.5                1.1
Amortisation of deferred income
-                 (0.1)              (0.1)
Share based payment expense
0.3                       -                0.4
Gain on disposal of property, plant and
equipment
-                       -              (0.2)
Restructuring programme payments
-               (36.3)            (35.4)
Increase in restructuring provisions
-                       -                3.7
Increase / (decrease) in other provisions
0.7                       -              (0.5)
 Operating cash flow before
 movements in working capital
        17.2             (19.7)                 29.9
Increase in inventories
(0.2)                 (0.2)                    -
Decrease / (increase) in receivables
7.4                 (7.7)            (15.9)
Increase in payables
22.9                 15.8                2.4
Cash generated from operations
47.3               (11.8)              16.4
Income taxes paid
(0.2)                 (1.0)              (1.7)
Interest
paid
(4.4)                 (3.0)              (6.0)
Net cash from operating activities
42.7               (15.8)                8.7
Investing activities
Interest
received
0.6                   0.4                0.3
Proceeds on disposal of property, plant and
equipment
-                       -                0.2
Purchases of property, plant and equipment
(51.0)                 (8.1)            (11.4)
Purchase of intangible assets
(0.3)                 (0.3)              (0.6)
Net cash used in investing activities
(50.7)                 (8.0)            (11.5)
Financing activities
Redemption of redeemable shares
-                 (4.5)              (7.2)
Repayments of borrowings
(50.0)               (18.6)            (11.8)
Repayments of obligations under finance

leases
(1.3)                 (1.8)              (4.0)
Proceeds on issue of share capital                            1.0
               0.9                1.1
New bank loans raised
62.5                 44.7              19.6
New finance leases raised
0.1                   2.2                2.4
Increase / (decrease) in bank overdrafts
4.4                 (0.1)                    -
Net cash from financing activities
16.7                 22.8                0.1

Net increase / (decrease) in cash and cash
equivalents
8.7                 (1.0)              (2.7)
Cash and cash equivalents at the beginning
of the
year
11.0                 14.0              14.0
Effect of foreign exchange rate changes
(0.7)                 (0.5)              (0.3)
Cash and cash equivalents at the end
of the year
Bank balances and cash
19.0                 12.5              11.0

NOTES TO THE FINANCIAL STATEMENTS
AS AT 30 JUNE 2007

1.  Accounting policies
These June 2007 interim consolidated financial statements are for the
six months ended 30 June 2007. The interim financial report has been
prepared using accounting policies consistent with International
Financial Reporting Standards (IFRS) and the accounting policies and
methods of computation used in the interim financial statements are
consistent with those used in the Group 2006 Annual Report, which is
available at 

http://www.icg.ie/.
The figures included in the financial statements for the six months
ended 30 June 2007 and 30 June 2006 are unaudited. The full year
figures for the twelve months ended 31 December 2006 were extracted
from the audited financial statements for that year.

2. Segmental information: Analysis by class of business

                                    As restated
                         6 months ended                12 months ended
                30 June 2007        30 June 2006         31 Dec 2006
              Revenue   Profit    Revenue   Profit    Revenue   Profit
                ¤m        ¤m        ¤m        ¤m        ¤m        ¤m

Ferries &         85.9      12.2      72.2       1.4     170.0      29.3
Travel
Container         77.5       4.2      70.2       1.2     142.6       3.6
and Terminal
Intersegment     (0.2)         -     (0.6)         -     (0.5)         -
Net Interest         -     (0.9)         -         -         -       0.4
Non                  -    (16.5)         -         -         -         -
allocated
item
               _______  _______   _______   _______   _______   _______
                 163.2     (1.0)     141.8       2.6     312.1      33.3
              _______   _______   _______   _______   _______   _______


3. Change in accounting policy
As reported in the 2006 Annual Report, there were two changes made to
the Group's accounting policies during the year.
The first change was in relation to passenger tickets and the
treatment of unused tickets. Due to the change in accounting policy,
passenger ticket revenue is now recognised at the date of travel.
The 2006 interim comparative has been restated in accordance with the
new policy, resulting in a charge to the income statement of ¤0.1
million for the period ended 30 June 2006 and a decrease in deferred
revenue accruals as previously reported in the balance sheet at 30
June 2006 of ¤1.4 million as follows:

                                                                              Deferred
                                                                               Revenue  Retained
                                                                   Revenue    Accruals  Earnings

                                                                        ¤m          ¤m        ¤m
As previously reported at 30 June 2006                               141.9        12.7      79.8
Deferred revenue restatement  -
Income Statement effect                                              (0.1)           -         -
Balance Sheet effect                                                             (1.4)       1.4

                                                                   _______     _______   _______
                                                                     141.8        11.3      81.2
                                                                   _______     _______   _______


The second change was in the area of employee benefits and the
presentation of the financial statements in relation to the Expected
return on scheme assets, now shown under Investment revenue and
Interest on scheme liabilities, now shown under Finance costs. These
had previously been netted off and accounted for under Employee
benefit expenses.
In the 2006 interim report, the net of these two amounts (¤2.8
million) was offset against Employee benefits expense. The 2006
interim comparative has been restated to reflect the change in
accounting policy. There is no impact on reported profit before tax.

4. Earnings per share


                                                                                 As
                                                                              restated
                                                                         6                  12
                                                                       months 6 months  months
                                                                       ended   ended    ended
                                                                         30               31
                                                                        June  30 June  December
                                                                        2007    2006     2006
                                                                        cent    cent     cent

Basic (loss) / earnings per share                                      (6.8)    10.2    137.4
Diluted earnings per share                                               -      10.2    136.9
Adjusted earnings/ (loss) per share                                     50.8   (1.7)    108.5
Adjusted diluted earnings per share                                     49.4     -      108.1

The calculation of the basic and diluted earnings per share attributable to the ordinary equity
holders of the parent is based on the following data:

Earnings                                                                 ¤m      ¤m       ¤m

Earnings for the purpose of basic earnings per share -
(Loss) / profit for the year attributable to equity holders of the
parent                                                                 (1.6)    2.4      32.3
Earnings for the purpose of diluted earnings per share                 (1.6)    2.4      32.3
Earnings for the purpose of basic earnings per share -
(Loss) / profit for the year attributable to equity holders of the
parent                                                                 (1.6)    2.4      32.3
Effect of non recurring charge / (credit)                               16.5     -      (0.7)
Effect of expected return on defined benefit pension scheme assets     (9.6)   (7.8)    (17.8)
Effect of interest on defined benefit pension scheme liabilities        6.7     5.0      11.7

Earnings for the purpose of adjusted earnings per share                 12.0   (0.4)     25.5

Number of shares

Weighted average number of ordinary shares for the purpose of basic
earnings per share                                                      23.6    23.5     23.5
Effect of dilutive potential ordinary shares: Share options             0.7     0.1      0.1

Weighted average number of ordinary shares for the purpose of diluted
adjusted earnings per share                                             24.3    23.6     23.6

5. Property, plant and equipment


             Assets under        Plant &            Land &
             construction Ships equipment Vehicles buildings Total

                  ¤m       ¤m      ¤m        ¤m       ¤m      ¤m
Cost or
valuation
At 1 January     0.7      380.4   62.5      2.5      24.5    470.6
2007
Additions        3.3      46.4     1.0      0.3        -     51.0
Disposals         -         -       -      (0.2)       -     (0.2)
Exchange          -       (2.0)     -        -         -     (2.0)
differences
At 30 June       4.0      424.8   63.5      2.6      24.5    519.4
2007

Accumulated
depreciation
At 1 January      -       149.5   41.4      1.3       7.4    199.6
2007
Charge for        -       13.5     1.8      0.2       0.2    15.7
period
Disposals         -         -       -      (0.2)       -     (0.2)
Exchange          -       (1.1)     -        -         -     (1.1)
differences
At 30 June        -       161.9   43.2      1.3       7.6    214.0
2007

Net book
amounts
At 1 January     0.7      230.9   21.1      1.2      17.1    271.0
2007
At 30 June       4.0      262.9   20.3      1.3      16.9    305.4
2007


At 30 June  2007 the  Group has  entered into  commitments to  the
value of ¤1.5 million for the purchase of fixed assets.


6. Intangible Assets


                            ¤m

Cost
At 1 January 2007               6.6
Additions                       0.3

At 30 June 2007                 6.9


Amortisation
At 1 January 2007               3.8
Charge for the year             0.5

At 30 June 2007                 4.3


Carrying amount
At 1 January 2007               2.8

At 30 June 2007                 2.6






7. Net debt


                           Cash  Overdrafts  Loans  Leases  Total
                            ¤m       ¤m       ¤m      ¤m     ¤m
At 1 January 2007
Current assets             11.0      -         -      -     11.0
Creditors due within one     -     (0.1)    (11.8)  (2.6)  (14.5)
year
Creditors due after one      -       -      (105.3) (5.0)  (110.3)
year
                           11.0    (0.1)    (117.1) (7.6)  (113.8)

Cash flow                   8.7    (4.4)    (12.1)   1.1    (6.7)
Foreign exchange rate      (0.7)     -         -      -     (0.7)
changes
                           19.0    (4.5)    (129.2) (6.5)  (121.2)

At 30 June 2007
Current assets             19.0      -         -      -     19.0
Creditors due within one     -     (4.5)    (21.8)  (2.4)  (28.7)
year
Creditors due after one      -       -      (107.4) (4.1)  (111.5)
year
                           19.0    (4.5)    (129.2) (6.5)  (121.2)




8. Tax

Corporation tax for the interim  period is estimated based on  the
best estimates of the weighted average annual corporation tax rate
expected to apply for the full financial year.


9. Retirement benefit schemes

Retirement benefit scheme valuations have been updated at the half
year to reflect management's best  estimates of scheme assets  and
schemes  liabilities.  Scheme  assets  have  been  valued  as  per
investment managers valuations at 30 June 2007. Scheme liabilities
have been estimated using the  same assumptions as at 31  December
2006 except that the  discount rate has been  increased to 5%  for
schemes with euro liabilities and  5.3% for schemes with  sterling
liabilities, reflecting the underlying long term interest rate and
yield on European AAA rated bonds.


10. Related party transactions

Transactions between the company  and its subsidiaries, which  are
related parties, have been eliminated on consolidation.


11. Board Approval

This interim  report was  approved by  the Board  of Directors  of
Irish Continental Group plc on 7 September 2007.

---END OF MESSAGE---