Information  X 
Enter a valid email address

Irish Continental Group revenues down 24%

By BFN News | 08:22 AM | Tuesday 23 March, 2010


Roll-on, roll-off and container shipping firm Irish Continental Group's full year revenues fell 24% to €260.5m. Operating profits for the year to the end of December dropped 36.6% to €26.5m and EBITDA fell 23.2% €50.7m. Net debt was reduced to €21.7m - down from €48.7m - but the firm's net pension deficit increased 10.1% to €27.2m. Chairman John McGuckian said: "2009 provided the most challenging trading conditions seen in Ireland for many decades. "World trade suffered as a global recession took hold while Ireland experienced a reduction in economic activity significantly greater than many of our trading partners. "This clearly had an impact on our passenger business but more significantly on our freight business which is inextricably linked to levels of internationally traded goods in north-west Europe. "In the circumstances, Irish Continental Group produced a solid financial and operational performance in 2009, generating EBITDA of over €50m." Story provided by Business Financial Newswire

a d v e r t i s e m e n t