Irish Continental Group (ICG), the parent company of Irish Ferries, has expressed concern for the current year, despite posting a 61 per cent rise in pre-tax profits for last year.

This week, the ICG announced that its profits before tax soared from €24.9 million in 2009 to €40.1 million in 2010. Although partly stimulated by increased ferry activity resulting from last year’s adverse weather conditions and the Icelandic ash cloud, which severely affected the airline industry, ICG’s profit rise is thought to have been boosted largely by a decline in amortisation, depreciation and employee benefit expenses.

ICG chairman, John B McGuckian, said: “For 2011 we are facing an uncertain year with the combined effects of higher fuel costs and austerity programmes in Ireland and the UK providing a challenge. Nevertheless we have made a solid start to the year and with a strong balance sheet to support us, we look forward to the rest of the year with confidence.”

The rapidly rising cost of fuel is likely to affect the ferry industry hard, unless measures are implemented to control prices. Passengers travelling with various ferry operators in Britain and Ireland already have noted a rise in fuel surcharges.

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