Shipping group Irish Continental has bounced back from a year blighted by foot-and-mouth to record a doubling in pre-tax profit.

The company defied the faltering Irish economy to carry the same volume of roll-on/roll-off freight traffic while passenger numbers grew.

Turnover at Irish Continental rose 9 per cent overall while profits at the pre-tax level rose 106 per cent to €24.1 million, benefiting from falling debt which saved €2 million in interest charges.

Earnings per share before goodwill charges rose 65 per cent to 85 cents per share.

The company issued a cautious outlook on the freight front and may be adversely affected by high fuel charges, according to analysts.

It anticipates steady demand for passenger services as economies slow and uncertainty hovers. With its fleet now fully updated, the strong cashflow generated by the group should see debt fall steadily in 2003.