Ferry operator ICG said today business is gradually picking up after a turbulent 2003 but that the strong euro is keeping profit margins under pressure.
ICG's annual results published this morning show turnover rose 4 per cent in 2003 to €304.3 million, with volume growth in both cars and freight.
Operating profit before exceptional items related to restructuring costs for the year was €28.9 million, down 17 per cent on 2002.
Delivering his last annual results as chairman of ICG, Mr Tom Toner said tourism is recovering after the Iraqi crisis while the recovery in the world economy is leading to improved freight trade.
Passenger numbers amounted to 1.72 million in 2003 compared to 1.76 million in 2002. However, car passengers increased by 3 per cent, offsetting the 1 per cent decline in the lower yield foot passenger volumes.
After a difficult first half for roll -on roll- off freight volumes recovered in the second half of the year. Total carryings for the year rose 9 per cent to 201,000 trucks.
ICG will pay a dividend of 22.5 cent per share based on a preference share redemption that represents a 14 per cent increase on the 2002 payout.