But for the ghostly dead weight of its investment in the now defunct Bell Lines dragging on the corporate anchor chain publicly-quoted ferry company Irish Continental Group (ICG) would now be riding even higher in the water. Nonetheless annual results from the group this week show a solid 38 per cent jump in pre-tax profits to £14.5 million in the year to end October last.

Group turnover improved by 9.4 per cent to £139 million, passenger numbers moved ahead by 11 per cent to 1.56 million and cash flow from group operations steamed ahead to £29 million. Both the ferry operation and the container and terminal division enjoyed buoyant income flows.

The fair winds of economic buoyancy are expected to continue billowing around the good ship ICG, the group anticipating a continuance of the growth trend. With earnings per share up a healthy 26.9 per cent to 56.1p shareholders travel first class, the flag of total dividends hoisted 20 per cent to 6.48p a share.