Final Results

PRELIMINARY STATEMENT OF RESULTS
                 FOR THE YEAR ENDED 31 DECEMBER 2007
Highlights

                             2007            2006
Turnover                  ¤355.8m         ¤312.1m
EBITDA*                    ¤80.2m          ¤59.7m
Profit from operations*    ¤50.1m          ¤32.2m
Non trading items (net)  (¤10.1m)           ¤0.7m
Basic EPS                  160.9c          137.4c
Capital expenditure        ¤58.4m          ¤12.0m
Equity                    ¤212.3m         ¤178.3m
Net Debt                   ¤84.5m         ¤113.8m

* Before non trading items
Comment
In a comment, Chairman, John B. McGuckian stated,
"I am pleased to report that 2007 was a very successful year for the
Group, with strong growth in EBITDA and operating profit.  Most of
this strong performance was achieved in the first half of 2007 when
EBITDA was ¤17 million higher than in the first half of 2006 (as
reported in our interim statement in September 2007).
The latter half of 2007 was more challenging with higher oil prices
and slowing economic growth.  With the benefit of capital investment
of ¤58.4 million in 2007, coming on stream in the current year, we
are well placed to compete vigorously in the more challenging
international environment which now prevails."

10th March 2008


PRELIMINARY STATEMENT OF RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2007
RESULTS
Irish Continental Group plc ("ICG" or the "Group" or the "Company")
today reports its results for the year to 31 December 2007.

Turnover for the year grew 14% to ¤355.8 million (2006: ¤312.1
million). EBITDA, before non trading items, was up 34% to ¤80.2
million (2006: ¤59.7 million) while trading profit before non trading
items amounted to ¤50.1 million (2006: ¤32.2 million).  The
improvement in EBITDA and operating profit was due to the increase in
revenue across the Group partially offset by higher port charges and
fuel costs (up 10% to ¤36.1 million).  Adjusted EPS amounted to 178.6
cent (2006: 108.5 cent).
The net interest charge was ¤5.2 million (2006: ¤5.7 million) before
a net interest credit from our defined benefit pension schemes of
¤5.9 million (2006: ¤6.1 million).

SECOND HALF YEAR
In the seasonally more significant second half of the year turnover
was up 13% at ¤192.6 million, while profit before non trading items
was ¤33.7 million compared with ¤29.6 million in the second half of
2006. Second half operating profit in the Ferries Division was up 6%
at ¤28.7 million, compared with 2006, while in the Container &
Terminal Division operating profit in the second six months rose to
¤5.0 million, compared with ¤2.4 million in the comparable period in
2006.

REDEMPTION OF REEDEMABLE SHARES
The Board has decided to redeem one redeemable share per ICG unit for
a consideration of 100 cent per redeemable share.  This will be paid
on 8 April to shareholders on the register at 25 March 2008.
NON TRADING ITEMS
In the statement of interim results dated 10 September 2007, we
reported a non trading exceptional charge of ¤16.5 million, which
represented the estimated potential costs incurred by the Group in
relation to the recommended offers for the Group via a Scheme of
Arrangement.  Subsequently, on 26 September 2007, the revised
recommended acquisition of the Group, by Aella plc, which had been
announced on 20 August 2007, was voted on and not approved by the
shareholders in general meeting.  The exceptional charge has now
reduced to ¤10.1 million. Certain other expenses have been claimed
but not provided for (see note 4).

TAXATION

Our taxation charge is a composite of Irish tonnage tax (which is an
EU approved special tax rate for qualifying shipping activities,
comparable with similar schemes in other EU countries), Irish
corporation tax and UK and Netherlands corporation tax.
EARNINGS PER SHARE
Adjusted EPS (i.e. before non trading items and the net pension
interest credit) amounted to 178.6 cent (2006: 108.5 cent).  Basic
EPS was 160.9 cent (2006: 137.4 cent). Details of EPS calculations
are set out in note 5.

FERRIES DIVISION
The Ferries division comprises Irish Ferries, the leading ferry
operator to and from the Republic of Ireland and the Group's ship
chartering activities.
Turnover in the division was up 16.4% at ¤197.9 million (2006: ¤170.0
million) while total costs rose 11% from ¤141.4 million to ¤157.0
million resulting in profit from operations of ¤40.9 million (2006:
¤28.6 million).  Fuel costs in the division rose 8% to ¤22.1 million
(2006: ¤20.4 million).  Part of this was due to the full year impact
of the implementation of EU Directive 2005/33/EC, (effective August
2006), which requires the use of environmentally friendly, but more
expensive, low sulphur fuel on passenger ships. Costs excluding fuel
rose 11.5% from ¤121.0 million to ¤134.9 million the largest
individual cost being port charges. There has been recent inaccurate
rumour and speculation about seafaring pay rates in Irish Ferries.
The current spread of pay rates paid by the Fleet Management
Contractor, DFM Limited, to their employees on all of our ships range
from ¤8.77 per hour to in excess of  ¤35 per hour.
Passenger Revenue
Our passenger numbers rose 12% to 1.57 million while our car numbers
rose by 14% to 405,000.  The total number of sailings operated rose
by 1.6% to 4,289. Significantly for the first time in four years the
Republic of Ireland cars market grew.  The overall increase was 4%
and this contrasted against the slight decline in air traffic to and
from Britain.

Freight Revenue
In the Roll on Roll off (RoRo) freight market there was continued
growth in the overall market and we achieved a record volume of
traffic, up 11% to 264,000 trucks carried.  The market grew by 6%
maintaining the pattern of previous years.  Again the performance of
the Irish economy was key to the continued growth of the market and
the relative slowdown in the second half did lead to some softening
in overall RoRo volumes.

New Vessel for Ireland France Route

In January 2007 we acquired a replacement vessel (the "Kronprins
Harald") for our Ireland France route for a total investment of ¤51
million approximately, including modification and delivery.  The
vessel was chartered back to the vendors, Color Line of Norway until
September 2007 and entered service with Irish Ferries in December
after a substantial refurbishment. The new vessel, which has been
renamed "Oscar Wilde" will offer significantly higher levels of
comfort to our passengers while also providing us with additional
freight capacity direct to Continental Europe.  The previous vessel
"Normandy" was sold, to Asian buyers, for delivery in March 2008.
Chartering
As stated above we had the benefit of a charter of the "Kronprins
Harald" to Color Line from February to September of this year.  Also,
both the "Pride of Bilbao" and "Kaitaki" remained on long term
charter to P&O during the period.  As previously reported P&O has
exercised its option to extend both charters until 2010.  P&O retains
a further option on each vessel for the period 2010 to 2013.
Irish Ferries Awards
We were pleased to receive four major awards during the year which
recognise our commitment to customer service.

  * Ireland's 'Best Ferry Company' 2007 by a vote of Irish Travel
    Agents

  * 'Best Irish Sea Ferry Company 2007' at the World Travel Awards in
    Newcastle

  * 'Best Ferry Operator 2007' at Travel Trade Gazette Awards in
    London

  * Irish Ferries - Shipping Company of the Year 2007 by the Irish
    Exporters Association

CONTAINER AND TERMINAL DIVISION
The division includes our intermodal freight services Eucon and
Feederlink as well as our strategically located container terminals
in Dublin (DFT) and in Belfast (BCT).  Within the division, we
operate up to 17 container vessels ranging in size from 350 - 850 teu
capacity (teu = twenty foot equivalent unit, the standard measure in
the container industry).
In 2007, turnover in the division grew by 11% to ¤157.9 million,
while operating profit was ¤9.2 million (2006: ¤3.6 million).  The
previous year's result had included start-up costs of ¤0.8 million in
relation to our new Belfast terminal.  Fuel costs within the division
increased by 13% to ¤14 million.  Overall container volumes shipped
rose by 17% to 541,000 teu.
Our shipping services were expanded during the course of the year
through the introduction of the ports of Dunkerque, Teesport and
Zeebrugge to our network.  In addition, Eucon made a successful
entrance to the refrigerated transport market, by introducing
specialised refrigerated containers, with further expansion planned
in this area.
Units handled at our terminals exceeded 216,000 lifts, which includes
the first full year of operation of our Belfast terminal.  During the
year we progressed the expansion of our Dublin terminal.  New
standage area has been added and the lifting capacity of the terminal
has been increased through the introduction of a new ship to shore
gantry crane and other ancillary equipment.  With these changes, the
terminal is now capable of handling more than 270,000 lifts
annually.  The final phase of the terminal's development involves the
lengthening of the quay wall, which will position DFT to handle the
next generation of vessels calling at Dublin Port.  Construction,
which is subject to regulatory approval, is expected to commence in
Spring 2008, with the project scheduled to complete in mid 2009.
FINANCE
EBITDA before non trading items for the year was ¤80.2 million (2006:
¤59.7 million).  Our net interest payments were ¤5.7 million and tax
payments amounted to ¤1.0 million.  Capital expenditure was ¤58.4
million (2006: ¤12.0 million).
Net debt at year end was ¤84.5 million (2006: ¤113.8 million).
PENSIONS
Of the Group's defined benefit plans, three were in surplus at year
end (¤32.5 million versus ¤29.9 million in 2006), while one was in
deficit, (¤6.6 million versus ¤10.1 million in 2006).  The deficit
represents our estimated share of the deficit in the industry-wide
scheme, the Merchant Navy Officers Pension Fund (MNOPF).

CURRENT TRADING
As we enter 2008 the economic environment is more challenging than it
has been for some time.  This is likely to influence the levels of
both tourism and trade.  In addition, the oil price is at record
highs.  In the year to date, car volumes carried at Irish Ferries are
down 11% on the preceding year, while RoRo freight volumes are down
1%.  Part of the declines are due to competitors' lost sailings in
the comparative period and as such are broadly in line with our
expectations.  In the container market, LoLo volumes are up 8%
compared with the same period in 2007.
With our recent restructuring of our cost base in line with our
international competitors and our substantial investment in modern
tonnage and terminal facilities we are, fortunately, well placed to
compete vigorously in this tougher environment.

John B. McGuckian,
Chairman,
10th March 2008

Media Enquiries:
Eamonn Rothwell  Chief Executive Officer   [phone] (14:00 -
17:30)
Garry O'Dea          Finance Director             [phone]
(14:00 - 17:30)

As previously announced on the 4th March, the Company will make a
presentation of the results to investors at the offices of NCB
Corporate Finance at 3 George's Dock, IFSC, Dublin 1, at 11.00 a.m.
on 10 March 2008.  In addition, a dial-in facility will be available
for overseas investors.  Attendance at the presentation will be
strictly limited to investors who register in advance to attend.  To
register to attend the presentation, either in person or via the
dial-in facility, investors should contact Triona O'Reilly at +353 1
607 5628.  A copy of the presentation material will also be posted on
the Company's web-site, www.icg.ie


+-------------------------------------------------------------------+
| Consolidated Income Statement for the year ended 31 December 2007 |
|-------------------------------------------------------------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
|                             | Notes |  Year ended  |  Year ended  |
|-----------------------------+-------+--------------+--------------|
|                             |       | 31 December  | 31 December  |
|                             |       |     2007     |     2006     |
|-----------------------------+-------+--------------+--------------|
| Continuing operations       |       |      ¤m      |      ¤m      |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Revenue                     |       |        355.8 |        312.1 |
|-----------------------------+-------+--------------+--------------|
| Depreciation and            |       |       (30.1) |       (27.5) |
| amortisation                |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Employee benefit expense    |       |       (32.8) |       (32.9) |
|-----------------------------+-------+--------------+--------------|
| Other operating expenses    |       |      (242.8) |      (219.5) |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
|                             |       |         50.1 |         32.2 |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Non trading (charge) /      |   4   |       (10.1) |          0.7 |
| credit                      |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Profit from operations      |       |         40.0 |         32.9 |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Investment revenue          |       |         20.6 |         18.3 |
|-----------------------------+-------+--------------+--------------|
| Finance costs               |       |       (19.9) |       (17.9) |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Profit before tax           |       |         40.7 |         33.3 |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Income tax expense          |   3   |        (2.4) |        (1.0) |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Profit for the year: all    |       |              |              |
| attributable to equity      |       |         38.3 |         32.3 |
| holders of the parent       |       |              |              |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
|                             |       |              |              |
|-----------------------------+-------+--------------+--------------|
| Earnings per share: all     |       |              |              |
| from continuing operations  |   5   |              |              |
|-----------------------------+-------+--------------+--------------|
| Basic                       |       |  160.9 cents |  137.4 cents |
|-----------------------------+-------+--------------+--------------|
| Diluted                     |       |  158.9 cents |  136.9 cents |
+-------------------------------------------------------------------+

+-------------------------------------------------------------------+
| Consolidated Balance Sheet at 31 December                         |
| 2007                                                              |
|-------------------------------------------------------------------|
|                                          | 31-Dec-07  | 31-Dec-06 |
|------------------------------------------+------------+-----------|
|                                          |         ¤m |        ¤m |
|------------------------------------------+------------+-----------|
| Assets                                   |            |           |
|------------------------------------------+------------+-----------|
| Non-current assets                       |            |           |
|------------------------------------------+------------+-----------|
| Property, plant and equipment            |      277.4 |       271 |
|------------------------------------------+------------+-----------|
| Intangible assets                        |        2.2 |       2.8 |
|------------------------------------------+------------+-----------|
| Long term receivable                     |        4.6 |       4.5 |
|------------------------------------------+------------+-----------|
| Retirement benefit surplus               |       32.5 |      29.9 |
|------------------------------------------+------------+-----------|
|                                          |      316.7 |     308.2 |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Current assets                           |            |           |
|------------------------------------------+------------+-----------|
| Inventories                              |        1.3 |       0.6 |
|------------------------------------------+------------+-----------|
| Trade and other receivables              |       46.6 |      53.5 |
|------------------------------------------+------------+-----------|
| Derivative financial instruments         |        0.6 |       0.5 |
|------------------------------------------+------------+-----------|
| Cash and cash equivalents                |       12.4 |        11 |
|------------------------------------------+------------+-----------|
|                                          |       60.9 |      65.6 |
|------------------------------------------+------------+-----------|
| Asset classified as held for sale        |          9 |         - |
|------------------------------------------+------------+-----------|
|                                          |       69.9 |      65.6 |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Total assets                             |      386.6 |     373.8 |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Equity and liabilities                   |            |           |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Capital and reserves                     |            |           |
|------------------------------------------+------------+-----------|
| Share capital                            |       16.5 |      15.9 |
|------------------------------------------+------------+-----------|
| Share premium                            |       48.1 |      40.6 |
|------------------------------------------+------------+-----------|
| Other reserves                           |      (5.7) |       5.9 |
|------------------------------------------+------------+-----------|
| Retained earnings                        |      153.4 |     115.9 |
|------------------------------------------+------------+-----------|
| Equity attributable to equity holders of |      212.3 |     178.3 |
| the parent                               |            |           |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Non-current liabilities                  |            |           |
|------------------------------------------+------------+-----------|
| Borrowings                               |       83.5 |     110.3 |
|------------------------------------------+------------+-----------|
| Deferred grant                           |        1.3 |       1.4 |
|------------------------------------------+------------+-----------|
| Retirement benefit obligation            |        6.6 |      10.1 |
|------------------------------------------+------------+-----------|
| Deferred tax liabilities                 |        6.2 |       5.6 |
|------------------------------------------+------------+-----------|
| Long term provisions                     |        0.3 |       0.4 |
|------------------------------------------+------------+-----------|
|                                          |       97.9 |     127.8 |
|------------------------------------------+------------+-----------|
| Current liabilities                      |            |           |
|------------------------------------------+------------+-----------|
| Borrowings                               |       13.4 |      14.5 |
|------------------------------------------+------------+-----------|
| Deferred grant                           |        0.1 |       0.1 |
|------------------------------------------+------------+-----------|
| Trade and other payables                 |       57.2 |      47.1 |
|------------------------------------------+------------+-----------|
| Current tax liabilities                  |        5.3 |       4.3 |
|------------------------------------------+------------+-----------|
| Short term provisions                    |        0.4 |       1.7 |
|------------------------------------------+------------+-----------|
|                                          |       76.4 |      67.7 |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Total liabilities                        |      174.3 |     195.5 |
|------------------------------------------+------------+-----------|
|                                          |            |           |
|------------------------------------------+------------+-----------|
| Total equity and liabilities             |      386.6 |     373.8 |
+-------------------------------------------------------------------+





+-------------------------------------------------------------------+
| Consolidated Statement of Recognised Income and Expense           |
| for the year ended 31 December 2007                               |
|-------------------------------------------------------------------|
|                                       | Year ended  | Year ended  |
|---------------------------------------+-------------+-------------|
|                                       | 31 December | 31 December |
|                                       |    2007     |    2006     |
|---------------------------------------+-------------+-------------|
|                                       |     ¤m      |     ¤m      |
|---------------------------------------+-------------+-------------|
| Gain on cash flow hedges              |         0.1 |         0.6 |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Exchange differences on translation   |      (12.2) |       (0.9) |
| of foreign operations                 |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Actuarial (loss) / gain on retirement |       (0.4) |        12.1 |
| benefit obligations                   |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Deferred Tax on Group defined benefit |       (0.7) |       (0.5) |
| plan                                  |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Exchange difference on defined        |         0.3 |           - |
| benefit plan                          |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Profit for the year                   |        38.3 |        32.3 |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Total recognised income and expense   |             |             |
| for the year: all attributable to     |        25.4 |        43.6 |
| equity holders of the parent          |             |             |
+-------------------------------------------------------------------+





+-------------------------------------------------------------------+
| Consolidated Cashflow Statement for the year ended 31 December    |
| 2007                                                              |
|-------------------------------------------------------------------|
|                                    |  Year ended   |  Year ended  |
|------------------------------------+---------------+--------------|
|                                    |  31 December  | 31 December  |
|                                    |     2007      |     2006     |
|------------------------------------+---------------+--------------|
|                                    |      ¤m       |      ¤m      |
|------------------------------------+---------------+--------------|
| Operating activities               |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Profit for the year                |          38.3 |         32.3 |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Adjustments for:                   |               |              |
|------------------------------------+---------------+--------------|
| Finance costs (net)                |         (0.7) |        (0.4) |
|------------------------------------+---------------+--------------|
| Income tax expense                 |           2.4 |          1.0 |
|------------------------------------+---------------+--------------|
| Retirement benefit obligations -   |           2.8 |          3.2 |
| service cost                       |               |              |
|------------------------------------+---------------+--------------|
| Retirement benefit obligations -   |         (3.0) |        (1.7) |
| payments                           |               |              |
|------------------------------------+---------------+--------------|
| Depreciation of property, plant    |          29.2 |         26.5 |
| and equipment                      |               |              |
|------------------------------------+---------------+--------------|
| Amortisation of intangible assets  |           1.0 |          1.1 |
|------------------------------------+---------------+--------------|
| Amortisation of deferred income    |         (0.1) |        (0.1) |
|------------------------------------+---------------+--------------|
| Share-based payment expense        |           0.5 |          0.4 |
|------------------------------------+---------------+--------------|
| Gain on disposal of property,      |         (0.1) |        (0.2) |
| plant and equipment                |               |              |
|------------------------------------+---------------+--------------|
| Restructuring programme - payments |             - |       (35.4) |
|------------------------------------+---------------+--------------|
| Restructuring programme -          |         (1.3) |          3.7 |
| (decrease) / increase in provision |               |              |
|------------------------------------+---------------+--------------|
| Decrease in other provisions       |         (0.2) |        (0.5) |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Operating cash flows before        |               |              |
| movements                          |          68.8 |         29.9 |
|   in working capital               |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Increase in inventories            |         (0.7) |            - |
|------------------------------------+---------------+--------------|
| Decrease / (increase) in           |           6.8 |       (15.9) |
| receivables                        |               |              |
|------------------------------------+---------------+--------------|
| Increase in payables               |          10.1 |          2.4 |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Cash generated from operations     |          85.0 |         16.4 |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Income taxes paid                  |         (1.0) |        (1.7) |
|------------------------------------+---------------+--------------|
| Interest paid                      |         (6.5) |        (6.0) |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Net cash from operating activities |          77.5 |          8.7 |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Investing activities               |               |              |
|------------------------------------+---------------+--------------|
| Interest received                  |           1.3 |          0.3 |
|------------------------------------+---------------+--------------|
| Proceeds on disposal of property,  |           0.1 |          0.2 |
| plant and equipment                |               |              |
|------------------------------------+---------------+--------------|
| Purchases of property, plant and   |        (58.0) |       (11.4) |
| equipment                          |               |              |
|------------------------------------+---------------+--------------|
| Purchases of intangible assets     |         (0.4) |        (0.6) |
|------------------------------------+---------------+--------------|
| Net cash used in investing         |        (57.0) |       (11.5) |
| activities                         |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Financing activities               |               |              |
|------------------------------------+---------------+--------------|
| Proceeds on issue of ordinary      |           8.1 |          1.1 |
| share capital                      |               |              |
|------------------------------------+---------------+--------------|
| Redemption of redeemable shares    |             - |        (7.2) |
|------------------------------------+---------------+--------------|
| Repayments of borrowings           |        (85.6) |       (11.8) |
|------------------------------------+---------------+--------------|
| Repayments of obligations under    |         (2.9) |        (4.0) |
| finance leases                     |               |              |
|------------------------------------+---------------+--------------|
| New bank loans raised              |          62.5 |         19.6 |
|------------------------------------+---------------+--------------|
| New finance leases raised          |           0.1 |          2.4 |
|------------------------------------+---------------+--------------|
| Net cash (used in) / from          |        (17.8) |          0.1 |
| financing activities               |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Net increase / (decrease) in cash  |           2.7 |        (2.7) |
| and cash equivalents               |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Cash and cash equivalents at the   |          11.0 |         14.0 |
| beginning of the year              |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Effect of foreign exchange rate    |         (1.3) |        (0.3) |
| changes                            |               |              |
|------------------------------------+---------------+--------------|
| Cash and cash equivalents at the   |               |              |
| end of the year                    |          12.4 |         11.0 |
| Bank balances and cash             |               |              |
+-------------------------------------------------------------------+



Notes to the consolidated financial statements for the year ended 31
December 2007

1.         Accounting policies
There were no changes in accounting policies during the year. IFRS 7
Financial Instruments: Disclosures has been adopted during the year.

2.         Segmental information


+-------------------------------------------------------------------+
|                |   Turnover    | Profit Before |    Net Assets    |
|                |               |      Tax      |     (equity      |
|                |               |               | attributable to  |
|                |               |               | equity holders)  |
|----------------+---------------+---------------+------------------|
| Analysis by    | 2007  | 2006  |  2007  | 2006 |  2007  |  2006   |
| class of       |       |       |        |      |        |         |
| business       |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
|                |  ¤m   |  ¤m   |   ¤m   |  ¤m  |   ¤m   |   ¤m    |
|----------------+-------+-------+--------+------+--------+---------|
| Ferries and    | 197.9 | 170.0 |   40.9 | 28.6 |  257.2 |   261.7 |
| Travel         |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Container and  | 158.4 | 142.6 |    9.2 |  3.6 |   45.3 |    35.5 |
| Terminal       |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Intersegment   | (0.5) | (0.5) |      - |    - |      - |       - |
| turnover       |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
|                | 355.8 | 312.1 |   50.1 | 32.2 |  302.5 |   297.2 |
|----------------+-------+-------+--------+------+--------+---------|
| Non trading    |       |     - | (10.1) |  0.7 |      - |       - |
| items          |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Net            |       |     - |    0.7 |  0.4 | (84.5) | (113.8) |
| interest/debt  |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Unallocated    |       |     - |        |    - |  (5.7) |   (5.1) |
| liabilities    |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
|                | 355.8 | 312.1 |   40.7 | 33.3 |  212.3 |   178.3 |
|----------------+-------+-------+--------+------+--------+---------|
|                |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Analysis by    |  2007 |  2006 |        |      |        |         |
| origin         |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
|                |    ¤m |    ¤m |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Ireland        | 150.5 | 129.5 |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| United Kingdom |  75.7 |  78.8 |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
| Continental    | 129.6 | 103.8 |        |      |        |         |
| Europe         |       |       |        |      |        |         |
|----------------+-------+-------+--------+------+--------+---------|
|                | 355.8 | 312.1 |        |      |        |         |
+-------------------------------------------------------------------+


3.         Income tax expense


+-------------------------------------------------+
|                                 |       |       |
|---------------------------------+-------+-------|
|                                 |  2007 |  2006 |
|---------------------------------+-------+-------|
|                                 |  ¤m   |  ¤m   |
|---------------------------------+-------+-------|
| Current tax                     |   2.1 |   0.9 |
|---------------------------------+-------+-------|
| Deferred tax                    |   0.3 |   0.1 |
|---------------------------------+-------+-------|
|                                 |       |       |
|---------------------------------+-------+-------|
| Income tax expense for the year |   2.4 |   1.0 |
+-------------------------------------------------+



The company and its Irish tax resident subsidiaries have elected to
be taxed under the Irish tonnage tax method. Under the tonnage tax
method, taxable profit on eligible activities is calculated on a
specified notional profit per day related to the tonnage of the ships
utilised. Domestic income tax is calculated at 12.5% of the estimated
assessable profit for the year for all activities which do not fall
to be taxed under the tonnage tax system. Taxation for other
jurisdictions is calculated at the rates prevailing in the relevant
jurisdictions and range between 25.5% and 30% (2006: 29.6% and 30%).

The total charge for the year can be reconciled to the accounting
profit as follows:


+-------------------------------------------------------------------+
|                             |      2007       |       2006        |
|-----------------------------+-----------------+-------------------|
|                             |        ¤m       |         ¤m        |
|-----------------------------+-----------------+-------------------|
|                             |                 |                   |
|-----------------------------+-----------------+-------------------|
| Profit before tax from      |                 |                   |
| continuing operations       |            40.7 |              33.3 |
|-----------------------------+-----------------+-------------------|
|                             |                 |                   |
|-----------------------------+-----------------+-------------------|
|                             |                 |                   |
|-----------------------------+-----------------+-------------------|
| Tax at the domestic income  |                 |                   |
| tax rate of 12.5%           |             5.1 |               4.2 |
|-----------------------------+-----------------+-------------------|
|                             |                 |                   |
|-----------------------------+-----------------+-------------------|
| Effect of depreciation in   |                 |                   |
| excess of capital           |                 |                   |
| allowances                  |             0.6 |               0.1 |
|-----------------------------+-----------------+-------------------|
| Effect of income, expenses  |                 |                   |
| and credits excluded in     |                 |                   |
|-----------------------------+-----------------+-------------------|
| determining taxable profit  |           (1.8) |             (0.2) |
|-----------------------------+-----------------+-------------------|
| Effect of other timing      |                 |                   |
| differences                 |             0.1 |             (0.1) |
|-----------------------------+-----------------+-------------------|
| Adjustment in respect of    |                 |                   |
| previous period             |               - |               0.1 |
|-----------------------------+-----------------+-------------------|
| Effect of utilisation of    |                 |                   |
| tax losses                  |           (0.2) |             (0.4) |
|-----------------------------+-----------------+-------------------|
| Effect of unused tax losses |                 |                   |
| carried forward             |           (0.4) |               0.1 |
|-----------------------------+-----------------+-------------------|
| Effect of different tax     |                 |                   |
| rates of subsidiaries       |                 |                   |
| operating                   |                 |                   |
|-----------------------------+-----------------+-------------------|
| in other jurisdictions      |             1.2 |               0.4 |
|-----------------------------+-----------------+-------------------|
| Effect of higher rates of   |                 |                   |
| tax on other income         |             0.1 |                 - |
|-----------------------------+-----------------+-------------------|
| Effect of tonnage relief    |           (2.6) |             (3.3) |
|-----------------------------+-----------------+-------------------|
| Income tax expense          |                 |                   |
| recognised in Consolidated  |                 |                   |
|-----------------------------+-----------------+-------------------|
| Income Statement            |             2.1 |               0.9 |
+-------------------------------------------------------------------+



4.        Non trading (charge) / credit


+-----------------------------------------------------------------+
|                               | Year ended  |    Year ended     |
|-------------------------------+-------------+-------------------|
|                               | 31 December |    31 December    |
|-------------------------------+-------------+-------------------|
|                               |    2007     |       2006        |
|-------------------------------+-------------+-------------------|
|                               |     ¤m      |        ¤m         |
|-------------------------------+-------------+-------------------|
|                               |             |                   |
|-------------------------------+-------------+-------------------|
| Takeover costs                |   (10.1)    |                   |
|-------------------------------+-------------+-------------------|
| PRSI rebate credit / (charge) |      -      |               4.4 |
|-------------------------------+-------------+-------------------|
| Restructuring costs           |      -      |       (3.7)       |
|-------------------------------+-------------+-------------------|
|                               |   (10.1)    |        0.7        |
+-----------------------------------------------------------------+


Takeover costs
During the year the Company received offers for the entire issued and
to be issued share capital of the company from Aella plc and the
Moonduster Consortium (Moonduster). Arising from the offers, the
Company engaged professional advisors and, by entering into expense
reimbursement agreements, agreed to reimburse the offerors' expenses
in certain circumstances. Amounts claimed by Moonduster are not
included in the above figure (see below).

Contingent liability

On 14 June 2007 the Company agreed with Moonduster that, in
particular circumstances specified in the agreement, certain expenses
incurred by Moonduster associated with their proposed bid for the
Company would be reimbursed by the Company.  On 10 October 2007,
Moonduster claimed reimbursement of expenses totalling ¤6.47
million.  Having considered the matter with its legal advisors, the
Company concluded that on a proper construction of the reimbursement
agreement the obligation to reimburse Moonduster did not arise in the
circumstances and therefore the Company rejected the claim.

PRSI rebate
The credit of ¤4.4 million represents rebates of Seafarers' PRSI
under the relevant scheme. No such rebate is receivable in the
current year.

Restructuring costs
The restructuring charge in the prior year of ¤3.7 million comprises
of redundancy costs in respect of applicants for the severance
package announced in 2006, in addition to those that were provided
for in 2005.

 1. Earnings per share - all from continuing operations

+-----------------------------------------------------+
|                                     | 2007  | 2006  |
|-------------------------------------+-------+-------|
|                                     | cent  | cent  |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Basic earnings per share            | 160.9 | 137.4 |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Diluted earnings per share          | 158.9 | 136.9 |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Adjusted basic earnings per share   | 178.6 | 108.5 |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Adjusted diluted earnings per share | 176.3 | 108.1 |
+-----------------------------------------------------+



The calculation of the basic and diluted earnings per share
attributable to the ordinary equity holders of the parent is based on
the following data:


+-------------------------------------------------------------------+
| Earnings                                        |        |        |
|-------------------------------------------------+--------+--------|
|                                                 |   ¤m   |   ¤m   |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of basic earnings per |        |        |
| share -                                         |        |        |
|-------------------------------------------------+--------+--------|
| Profit for the year attributable to equity      |        |        |
| holders  of the parent                          |   38.3 |   32.3 |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of diluted earnings   |        |        |
| per share                                       |   38.3 |   32.3 |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of basic earnings per |        |        |
| share -                                         |        |        |
|-------------------------------------------------+--------+--------|
| Profit for the year attributable to equity      |        |        |
| holders of the parent                           |   38.3 |   32.3 |
|-------------------------------------------------+--------+--------|
| Effect of non trading charge /                  |        |        |
| (credit)                                        |   10.1 |  (0.7) |
|-------------------------------------------------+--------+--------|
| Effect of expected return on defined benefit    |        |        |
| pension scheme assets                           | (19.3) | (17.8) |
|-------------------------------------------------+--------+--------|
| Effect of interest on defined benefit pension   |        |        |
| scheme liabilities                              |   13.4 |   11.7 |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of adjusted earnings  |        |        |
| per share                                       |   42.5 |   25.5 |
+-------------------------------------------------------------------+

+-------------------------------------------------------------------+
| Number of shares                                    |   m  |   m  |
|-----------------------------------------------------+------+------|
| Weighted average number of ordinary shares for the  |      |      |
| purposes of                                         |      |      |
|-----------------------------------------------------+------+------|
| basic earnings per share                            | 23.8 | 23.5 |
|-----------------------------------------------------+------+------|
| Effect of dilutive potential ordinary shares: Share |      |      |
| options                                             |  0.3 |  0.1 |
|-----------------------------------------------------+------+------|
|                                                     |      |      |
|-----------------------------------------------------+------+------|
| Weighted average number of ordinary shares for the  |      |      |
| purposes of                                         |      |      |
|-----------------------------------------------------+------+------|
| diluted adjusted earnings per share                 | 24.1 | 23.6 |
+-------------------------------------------------------------------+


The denominator for the purposes of calculating both basic and
diluted earnings per share has been adjusted to reflect shares issued
during the year.

The figures used in both the adjusted basic and diluted earnings per
share have been adjusted to take into account the non trading charge
or credit together with the net figure for the expected return on
defined benefit pension scheme assets and the interest on defined
pension scheme liabilities.

Management consider the adjusted earnings per share calculation to be
a better indication of the continuing underlying performance of the
Group.

6.         Statement of changes in equity

            - Year ended 31 December 2007

+------------------------------------------------------------------------------------------------+
|                            |       |       |       |  Share|       |           |         |     |
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                            |  Share|  Share|Capital|Options|Hedging|Translation| Retained|     |
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                            |Capital|Premium|Reserve|Reserve|Reserve|    Reserve| Earnings|Total|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                            |     ¤m|     ¤m|     ¤m|     ¤m|     ¤m|         ¤m|       ¤m|   ¤m|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Balance at 1 January 2007   |   15.9|   40.6|    2.2|    0.5|    0.5|        2.7|    115.9|178.3|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Total recognised income and |       |       |       |       |       |           |         |     |
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|expense for the year        |      -|      -|      -|      -|    0.1|     (12.2)|     37.5| 25.4|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Share issue                 |    0.6|      -|      -|      -|      -|          -|        -|  0.6|
|------------------------------------------------------------------------------------------------|
|Exercise of share options -                                                                     |
|------------------------------------------------------------------------------------------------|
|shares issued at premium    |      -|    7.5|      -|      -|      -|          -|        -|  7.5|
|------------------------------------------------------------------------------------------------|
|Employee share options                                                                          |
|------------------------------------------------------------------------------------------------|
|expense                     |      -|      -|      -|    0.5|      -|          -|        -|  0.5|
|------------------------------------------------------------------------------------------------|
|Redemption of redeemable                                                                        |
|------------------------------------------------------------------------------------------------|
|share capital               |      -|      -|      -|      -|      -|          -|        -|    -|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                            |    0.6|    7.5|      -|    0.5|    0.1|     (12.2)|     37.5| 34.0|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Balance at 31 December 2007 |   16.5|   48.1|    2.2|    1.0|    0.6|      (9.5)|    153.4|212.3|
|----------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|------------------------------------------------------------------------------------------------|
|Analysed as follows:                                                                            |
|------------------------------------------------------------------------------------------------|
|Share capital                                                                             | 16.5|
|------------------------------------------------------------------------------------------+-----|
|Share premium                                                                             | 48.1|
|------------------------------------------------------------------------------------------+-----|
|Other reserves                                                                            |(5.7)|
|------------------------------------------------------------------------------------------+-----|
|Retained earnings                                                                         |153.4|
|------------------------------------------------------------------------------------------+-----|
|                                                                                          |212.3|
+------------------------------------------------------------------------------------------------+


      - Year ended 31 December 2006

+----------------------------------------------------------------------------------------------+
|                          |       |       |       |       |       |           |         |     |
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                          |  Share|  Share|Capital|  Share|Hedging|Translation| Retained|     |
|                          |       |       |       |Options|       |           |         |     |
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                          |Capital|Premium|Reserve|Reserve|Reserve|    Reserve| Earnings|Total|
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                          |     ¤m|     ¤m|     ¤m|     ¤m|     ¤m|         ¤m|       ¤m|   ¤m|
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Balance at 1 January 2006 |   15.8|   39.6|    2.2|    0.1|  (0.1)|        3.6|     79.2|140.4|
|----------------------------------------------------------------------------------------------|
|Total recognised income and                                                                   |
|----------------------------------------------------------------------------------------------|
|expense for the year      |      -|      -|      -|      -|    0.6|      (0.9)|     43.9| 43.6|
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Share issue               |    0.1|      -|      -|      -|      -|          -|        -|  0.1|
|----------------------------------------------------------------------------------------------|
|Exercise of share options -                                                                   |
|----------------------------------------------------------------------------------------------|
|shares issued at premium  |      -|    1.0|      -|      -|      -|          -|        -|  1.0|
|----------------------------------------------------------------------------------------------|
|Employee share options                                                                        |
|----------------------------------------------------------------------------------------------|
|expense                   |      -|      -|      -|    0.4|      -|          -|        -|  0.4|
|----------------------------------------------------------------------------------------------|
|Redemption of redeemable                                                                      |
|----------------------------------------------------------------------------------------------|
|share capital             |      -|      -|      -|      -|      -|          -|    (7.2)|(7.2)|
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|                          |    0.1|    1.0|      -|    0.4|    0.6|      (0.9)|     36.7| 37.9|
|--------------------------+-------+-------+-------+-------+-------+-----------+---------+-----|
|Balance at 31 December    |   15.9|   40.6|    2.2|    0.5|    0.5|        2.7|    115.9|178.3|
|2006                      |       |       |       |       |       |           |         |     |
|----------------------------------------------------------------------------------------------|
|Analysed as follows:                                                                          |
|----------------------------------------------------------------------------------------------|
|Share capital                                                                           | 15.9|
|----------------------------------------------------------------------------------------+-----|
|Share premium                                                                           | 40.6|
|----------------------------------------------------------------------------------------+-----|
|Other reserves                                                                          |  5.9|
|----------------------------------------------------------------------------------------+-----|
|Retained earnings                                                                       |115.9|
|----------------------------------------------------------------------------------------------|
|                                                                                         178.3|
+----------------------------------------------------------------------------------------------+


7.         General information
The financial information in this preliminary announcement does not
represent full statutory financial statements, a copy of which is
required to be annexed to the annual return to the Companies
Registration Office.
A copy of the financial statements in respect of the financial year
ended 31 December 2007 will be annexed to the annual return for 2008.
The auditors have made a report, without any qualification on their
audit, of the financial statements in respect of the financial year
ended 31 December 2007 and the Directors approved the financial
statements in respect of the financial year ended 31 December 2007 on
7 March 2008. A copy of the financial statements in respect of the
year ended 31 December 2006 has been annexed to the annual return for
2007 to the Companies Registration Office.

The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS).  The financial
statements have also been prepared in accordance with IFRS as adopted
by the European Union and therefore the Groups financial statements
comply with Article 4 of the IAS Regulations. The financial
statements have also been prepared in accordance with the Companies
Acts 1963 to 2006, and the Listing Rules of the Irish and London
Stock Exchanges.

The financial statements have been prepared on the historical cost
basis except for the revaluation of financial instruments.

The directors approved the issue of the preliminary announcement on 7
March 2008.

---END OF MESSAGE---