Strikes hit passenger traffic at ferry group ICG

Ferry operator Irish Continental Group (ICG) blamed industrial relations problems and the cost of restructuring for a fall in profits in 2004.

Total passenger numbers fell 7.4 per cent to 1.59 million, while car numbers fell by 5.7 per cent to 383,000, the company said.

Passenger numbers were affected by difficult market conditions and by strikes in February and December and increased competition from low-cost airlines.

Turnover for the year amounted to €293.3 million compared to €304.3 million in 2003; operating profit amounted to €26.5 million a drop from the €28.9 million posted in 2003.

Redundancy costs for the Ireland-France vessel Normandywere €8.2 million; the reduction in shore staff cost €3.7 million.