Final Results

STATEMENT OF RESULTS
                 FOR THE YEAR ENDED 31 DECEMBER 2008





+-------------------------------------------------------------------+
|         FINANCIAL HIGHLIGHTS         |    2008 |     2007 |     % |
|                                      |         |          |       |
|--------------------------------------+---------+----------+-------|
| Revenue                              | ¤342.9m |  ¤355.8m |  -3.6 |
|--------------------------------------+---------+----------+-------|
| EBITDA                               |  ¤66.0m |   ¤80.2m | -17.7 |
|--------------------------------------+---------+----------+-------|
| Operating Profit before Non Trading  |  ¤41.8m |   ¤50.1m | -16.6 |
| Charge                               |         |          |       |
|--------------------------------------+---------+----------+-------|
| Non Trading Charge                   |    -    | ¤(10.1)m |       |
|--------------------------------------+---------+----------+-------|
| Operating  Profit                    |  ¤41.8m |   ¤40.0m |  +4.5 |
|--------------------------------------+---------+----------+-------|
| EPS  Basic                           |  164.7c |   160.9c |  +2.4 |
|--------------------------------------+---------+----------+-------|
| EPS Diluted                          |  162.8c |   158.9c |  +2.5 |
|--------------------------------------+---------+----------+-------|
| EPS Adjusted                         |  148.9c |   178.6c | -16.6 |
|--------------------------------------+---------+----------+-------|
| EPS Adjusted Diluted                 |  147.1c |   176.3c | -16.6 |
|--------------------------------------+---------+----------+-------|
| Net Debt                             |  ¤48.7m |   ¤84.5m | -42.4 |
+-------------------------------------------------------------------+




Carryings

+-----------------------------------------------+
|                          | 2008 | 2007 |      |
|--------------------------+------+------+------|
|                          |  000 |  000 |    % |
|--------------------------+------+------+------|
| Passengers               | 1467 | 1566 | -6.3 |
|--------------------------+------+------+------|
| Cars                     |  377 |  405 | -6.9 |
|--------------------------+------+------+------|
| RoRo Freight             |  241 |  264 | -8.7 |
|--------------------------+------+------+------|
| Container Freight (teu.) |  534 |  541 | -1.3 |
|--------------------------+------+------+------|
| Port Lifts               |  215 |  216 | -0.5 |
+-----------------------------------------------+




Comment
In a comment, Chairman, John B. McGuckian stated,

"2008 proved to be a challenging year for tourism and transport,  the
markets in  which  we  operate.   We  experienced  a  combination  of
sustained high world  oil prices together  with a weakening  economic
backdrop.  In  the  circumstances,  the  results  achieved  by  Irish
Continental Group plc represent a  solid performance in such  testing
times.  The indicators in the early months of the year are that  2009
is likely to be  equally, if not more  challenging as the past  year,
but, I have no doubt, given our reduced cost base, the quality of our
recent investments and  the Group's strong  financial position,  your
Group is well placed to address that challenge".


6th March 2009



                        STATEMENT OF RESULTS
                 FOR THE YEAR ENDED 31 DECEMBER 2008


RESULTS
The Board of Irish  Continental Group plc (ICG)  reports that in  the
year to  31  December 2008,  the  Group recorded  revenue  of  ¤342.9
million  compared  with  ¤355.8  million  in  2007.  Earnings  before
Interest, Taxation, Depreciation  and Amortisation  (EBITDA) was  ¤66
million compared with ¤80.2 million in 2007. Operating profit  before
non trading charge was ¤41.8  million compared with ¤50.1 million  in
2007. Operating profit was also ¤41.8 million, compared with a profit
of ¤40 million in 2007 (the prior year figures having been influenced
by a non trading charge of  ¤10.1 million which is explained  below).
There was a net finance credit  of ¤1.2 million which includes a  net
credit of  ¤3.9 million  in relation  to expected  income on  defined
benefit pension scheme assets  less interest on scheme  liabilities.
Profit before tax was  ¤43.0 million compared  with ¤40.7 million  in
2007. The tax charge  was ¤2.5 million  (2007: ¤2.4 million).   Basic
EPS was  164.7c compared  with  160.9c in  2007. Adjusted  EPS,  i.e.
before non  trading  charges and  the  net pension  interest  credit,
amounted to 148.9c (178.6c in 2007).

This robust result was achieved despite Group wide fuel costs  rising
42% from ¤36.1 million  to ¤51.3 million  and a substantially  weaker
sterling, the  currency  of  one of  our  most  significant  markets,
Britain.



SECOND HALF YEAR
In the  seasonally more  significant second  half of  the year  Group
turnover was down 8.2%  at ¤176.8 million,  EBITDA was ¤36.5  million
compared with ¤47.6 million  in the same  period in 2007.   Operating
profit was ¤24.5 million  compared with ¤33.7  million in the  second
half of 2007. Second  half operating profit  in the Ferries  Division
was ¤21.0 million, compared with ¤28.7 million in 2007, while in  the
Container &  Terminal Division  operating profit  in the  second  six
months was ¤3.5 million, compared with ¤5.0 million in the comparable
period in 2007.



PRIOR YEAR NON TRADING CHARGE
During the  previous year  the Company  had received  offers for  the
Company from Aella  plc and Moonduster  Limited, arising from  which,
the Company incurred expenses of ¤10.1 million.



Taxation
The Group's  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 charges and  the net  pension
interest credit) amounted  to 148.9 cent  (2007: 178.6 cent).   Basic
EPS was 164.7 cent  (2007: 160.9 cent).  Details of EPS  calculations
are set out in note 5.



OPERATING REVIEW


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.  Irish Ferries  operates 4  modern ferries  on
international routes between Ireland and  the UK and between  Ireland
and France.   The principal  revenue  streams are  passenger  revenue
(travelling with or without vehicles),  Roll On Roll Off freight,  on
board and ancillary sales.

Turnover in the division was down 7.5% at ¤183.1 million while profit
from operations  was ¤34.9  million compared  with ¤40.9  million  in
2007. The reduction in profit was due to weaker passenger and freight
markets, weaker sterling and higher  fuel costs within the  division,
which rose 37% to ¤30.3 million.


Passenger Revenue
2008 was characterised by a much tougher environment as total traffic
from Ireland's  largest  tourism  market, Britain,  declined  on  the
previous year. Some  of the drop  in business was  attributed to  the
weakening of consumer confidence as credit markets tightened but much
of the  problem  related to  the  substantial weakening  of  sterling
against the euro  from the first  quarter of the  year. In  addition,
higher fuel prices  contributed to the  reduction of 7%  in the  Cars
market which had  enjoyed a return  to growth in  2007 for the  first
time in four years.

Irish Ferries Passenger numbers carried were 1.47 million  (2007:1.57
million) while our car numbers fell  7% to 377,000. The total  number
of sailings  operated  fell by  1.3%  to 4,234.  Following  the  very
substantial increase in fuel costs during the year, combined with the
reduction in the  Irish Sea market,  we reduced the  schedule of  our
fast ferry service between Dublin and Holyhead from four sailings per
day to two sailings from November 2008. The revised schedule will  be
increased during  2009 as  appropriate, particularly  during  holiday
weekends and the Summer period.
Continued investment in our strong technology platform throughout the
year allowed us  to further develop  our on-line capabilities  whilst
improving efficiencies throughout all areas of our operation.

Our focus on customer satisfaction remains as a major priority and we
were pleased that  feedback throughout  the year  confirmed the  very
positive trend  of  continuous  improvement in  all  aspects  of  our
service offering.  This  was evidenced by  Irish Ferries winning  the
award for "Best Ferry Company 2008" at the annual Irish Travel  Trade
Awards in January 2009. The delivery of first class customer care  by
our subcontracted crewing  company on  board all of  our vessels  was
consistent throughout the year  whilst also delivering improved  cost
effectiveness throughout the fleet.


Freight Revenue
For the first time in over twenty years, the Republic of Ireland Roll
on Roll  Off freight  market  did not  exhibit growth.  Total  market
volumes were down by 8.7% in the twelve months.

Notwithstanding record  carryings by  Irish Ferries  in the  previous
year when  we  did  benefit  from  some  competitor  disruption,  the
economic slowdown and increased capacity  by some of our  competitors
did have  an impact  and our  carryings were  down by  9% to  241,000
freight  vehicles.  During  the  year,  two  new  entrants  commenced
operations on  the  direct  Ireland  -  Europe  routes  and  existing
operators increased capacity on  the Dublin -  Holyhead and Dublin  -
Liverpool routes.

Throughout the  year, Irish  Ferries  remained focused  on  providing
strong commercially  attractive  services to  the  Roll On  Roll  Off
freight market with particular  emphasis on value  for money. In  the
changed environment where  pressure on costs  has intensified in  all
areas of activity, we have  continued to deliver efficiencies to  all
of our customers,  large and  small. Much  of this  derived from  the
continued strength of  our schedule integrity  where the benefits  of
our investment in state of the art tonnage have been so apparent.



Ireland -  France Route
2008 was the first full year of operation of our newly acquired ¤51.0
million vessel, MV Oscar Wilde, on the Ireland to France route.  This
vessel carries up to  1,458 passengers in 468  cabins as well as  580
cars or 1,220 lane meters of vehicle deck space.

Reaction  from  our   passenger  and  freight   customers  has   been
universally positive. We outperformed the Ireland - France  passenger
and car markets whilst  growing our freight business  by 127% as  our
revised schedules found favour  with the prime  users of the  routes.
Given the rejuvenation  of this  important part of  our business,  we
look forward  to 2009  with  renewed confidence  notwithstanding  the
arrival of additional  competition at  the end of  2008. The  route's
previous vessel, Normandy, was sold to Asian buyers in March 2008  at
a profit of ¤3.8 million.


Chartering
Both the MV  Pride of  Bilbao and MV  Kaitaki remained  on long  term
bareboat charter to P&O during the period. The former vessel operates
the Portsmouth  to  Bilbao service  for  P&O, while  the  MV  Kaitaki
operates on a sub-charter  on the route between  the North and  South
Islands of New  Zealand.  As previously  reported, P&O has  exercised
its options to extend both charters until 2010 (mid 2010 in the  case
of the MV  Kaitaki and autumn  2010 in the  case of the  MV Pride  of
Bilbao). P&O retains a further option  on each vessel for the  period
2010 to 2013.  The revenue in the current year has fallen due to  the
reduced charter rates which took effect  in the second half of  2007,
together with the  weakening of average  sterling and dollar  foreign
exchange rates against  the euro.   In the previous  year, the  Group
also had charter income in respect  of the MV Oscar Wilde, which  had
been  chartered  back  to  the  previous  owners,  Color  Line,   for
approximately seven months.




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  12  container vessels  ranging  in size  from  350 -  850  teu
capacity (teu = twenty foot equivalent unit, the standard measure  in
the container industry).

In 2008, turnover  in the division  grew by 1.7%  to ¤161.1  million,
while operating  profit,  adversely  affected  by  fuel  costs  which
increased by  50% to  ¤21.0  million, was  ¤6.9 million  (2007:  ¤9.2
million).  Despite economic  activity declining in  all key  markets,
overall container volumes shipped remained relatively robust, falling
by 1.3% to 534,000 teu.

Units handled  at our  terminals were  broadly unchanged  at  215,000
lifts. During  the year  we progressed  the expansion  of our  Dublin
terminal. 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.  The project  is
expected to be completed in early  2010.  We also continue to  invest
in our IT systems to support  the business, and, during 2009 we  will
be  renewing  our   cargo  handling   equipment  in   BCT  with   new
Liebherr-built straddle carriers.



CASH FLOW AND INVESTMENT
Our cash flow from operations remains robust with EBITDA for the year
of ¤66.0 million  (2007: ¤80.2 million).  Net interest payments  were
¤2.7 million  and  tax payments  amounted  to ¤3.9  million.  Capital
expenditure was  ¤8.4 million  which  primarily included  the  annual
refits of the vessels as well as progress payments in respect of  our
terminal expansion in Dublin Port.  During the year we realised ¤13.2
million net  from  the sale  of  assets, principally  the  vessel  MV
Normandy.  During the year, we returned ¤24.5 million to shareholders
through the redemption of 24.5 million redeemable shares at ¤1.00 per
share. Net debt at the year  end, which is cash and cash  equivalents
less borrowings, was ¤48.7 million (2007: ¤84.5 million). This is the
lowest level of net debt in the Group since 1994.



PENSIONS
The Group  has five  defined benefit  schemes covering  employees  in
Ireland, the UK and the Netherlands.  Combined pension assets at year
end were  ¤195.4  million  (2007:  ¤284.0  million),  while  combined
pension liabilities were  ¤220.1 million (2007:  ¤258.1 million).  Of
the Group's  five schemes,  one  was in  surplus  at year  end  (¤2.7
million versus ¤5.0 million in 2007),  while four were in deficit  (a
combined deficit of ¤27.4 million,  compared with surpluses of  ¤27.5
million in three of the schemes and a deficit of ¤6.6 million in  the
fourth scheme in  2007). Included in  the schemes in  deficit is  our
estimated share of the deficit in the UK based industry wide  scheme,
the Merchant Navy Officers Pension Fund (MNOPF). The principal reason
for the emergence  of an aggregate  deficit is a  fall in the  market
value of pension scheme assets of ¤90.2 million, partially offset  by
an actuarial gain on pension scheme liabilities of ¤34.3 million.



OUTLOOK
The economic environment in 2009 is extremely challenging.  This will
have an impact on both tourism and trade levels. On a positive  note,
world oil prices have eased substantially from the highs seen in 2008
which will partially offset the impact of reduced revenue.

In the  passenger market  the competitive  threat from  air  carriers
continues and the  imperative is  to provide  an equally  competitive
alternative, which Irish Ferries is now achieving through  continuing
strict cost control and capacity management.

With our restructured cost base, our substantial investment in modern
tonnage and terminal facilities and our strong balance sheet, we are,
fortunately, well  placed  to  compete  vigorously  in  this  tougher
environment.

John B. McGuckian,
Chairman,
6th March 2009



Media Enquiries:


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




As previously announced  on the 9th  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 9th March 2009.  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 Trióna 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 2008 |
|-------------------------------------------------------------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
|                               | Notes | Year ended  | Year ended  |
|-------------------------------+-------+-------------+-------------|
|                               |       | 31 December | 31 December |
|                               |       |-------------+-------------|
|                               |       |    2008     |    2007     |
|-------------------------------+-------+-------------+-------------|
| Continuing operations         |       |     ¤m      |     ¤m      |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Revenue                       |       |    342.9    |    355.8    |
|-------------------------------+-------+-------------+-------------|
| Depreciation and amortisation |       |   (24.2)    |   (30.1)    |
|-------------------------------+-------+-------------+-------------|
| Employee benefit expense      |       |   (29.9)    |   (32.8)    |
|-------------------------------+-------+-------------+-------------|
| Other operating expenses      |       |   (247.0)   |   (242.8)   |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
|                               |       |    41.8     |    50.1     |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Non trading charge            |   4   |      -      |   (10.1)    |
|-------------------------------+-------+-------------+-------------|
| Profit from operations        |       |    41.8     |    40.0     |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Investment revenue            |       |    19.6     |    20.6     |
|-------------------------------+-------+-------------+-------------|
| Finance costs                 |       |   (18.4)    |   (19.9)    |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Profit before tax             |       |    43.0     |    40.7     |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Income tax expense            |   3   |    (2.5)    |    (2.4)    |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Profit for the year: all      |       |             |             |
| attributable to equity        |       |    40.5     |    38.3     |
| holders of the parent         |       |             |             |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
|                               |       |             |             |
|-------------------------------+-------+-------------+-------------|
| Earnings per share: all from  |       |             |             |
| continuing operations         |   5   |             |             |
|-------------------------------+-------+-------------+-------------|
| Basic                         |       | 164.7 cents | 160.9 cents |
|-------------------------------+-------+-------------+-------------|
| Diluted                       |       | 162.8 cents | 158.9 cents |
+-------------------------------------------------------------------+








+-------------------------------------------------------------------+
| Consolidated Statement of Recognised Income                       |
|-------------------------------------------------------------------|
| and Expense for the year ended 31 December 2008                   |
|-------------------------------------------------------------------|
|                                       | Year ended  | Year ended  |
|---------------------------------------+-------------+-------------|
|                                       | 31 December | 31 December |
|                                       |-------------+-------------|
|                                       |    2008     |    2007     |
|---------------------------------------+-------------+-------------|
|                                       |     ¤m      |     ¤m      |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Fair value movements on cash flow     |    (0.7)    |     0.1     |
| hedges                                |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Exchange differences on translation   |   (24.1)    |   (12.2)    |
| of foreign operations                 |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Actuarial loss on retirement benefit  |   (55.9)    |    (0.4)    |
| obligations                           |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Deferred Tax movements                |     2.6     |    (0.7)    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Exchange difference on defined        |     1.3     |     0.3     |
| benefit schemes                       |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Net amount directly recognised in     |   (76.8)    |   (12.9)    |
| equity                                |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Profit for the year                   |    40.5     |    38.3     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Total recognised income and expense   |             |             |
| for the year:                         |             |             |
|---------------------------------------+-------------+-------------|
| all attributable to equity holders of |   (36.3)    |    25.4     |
| the parent                            |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
+-------------------------------------------------------------------+








+-------------------------------------------------------------------+
| Consolidated Balance Sheet at 31 December 2008                    |
|-------------------------------------------------------------------|
|                                       | 31 December | 31 December |
|                                       |-------------+-------------|
|                                       |    2008     |    2007     |
|---------------------------------------+-------------+-------------|
|                                       |     ¤m      |     ¤m      |
|---------------------------------------+-------------+-------------|
| Assets                                |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Non-current assets                    |             |             |
|---------------------------------------+-------------+-------------|
| Property, plant and equipment         |    236.4    |    277.4    |
|---------------------------------------+-------------+-------------|
| Intangible assets                     |     1.8     |     2.2     |
|---------------------------------------+-------------+-------------|
| Long term receivable                  |     3.0     |     4.6     |
|---------------------------------------+-------------+-------------|
| Retirement benefit surplus            |     2.7     |    32.5     |
|---------------------------------------+-------------+-------------|
|                                       |    243.9    |    316.7    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Current assets                        |             |             |
|---------------------------------------+-------------+-------------|
| Inventories                           |     0.8     |     1.3     |
|---------------------------------------+-------------+-------------|
| Trade and other receivables           |    38.1     |    46.6     |
|---------------------------------------+-------------+-------------|
| Derivative financial instruments      |      -      |     0.6     |
|---------------------------------------+-------------+-------------|
| Cash and cash equivalents             |    28.5     |    12.4     |
|---------------------------------------+-------------+-------------|
|                                       |    67.4     |    60.9     |
|---------------------------------------+-------------+-------------|
| Asset classified as held for sale     |      -      |     9.0     |
|---------------------------------------+-------------+-------------|
|                                       |    67.4     |    69.9     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Total assets                          |    311.3    |    386.6    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Equity and liabilities                |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Equity                                |             |             |
|---------------------------------------+-------------+-------------|
| Share capital                         |    16.6     |    16.5     |
|---------------------------------------+-------------+-------------|
| Share premium                         |    48.7     |    48.1     |
|---------------------------------------+-------------+-------------|
| Other reserves                        |   (30.6)    |    (5.7)    |
|---------------------------------------+-------------+-------------|
| Retained earnings                     |    117.5    |    153.4    |
|---------------------------------------+-------------+-------------|
| Equity attributable to equity holders |    152.2    |    212.3    |
| of the parent                         |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Non-current liabilities               |             |             |
|---------------------------------------+-------------+-------------|
| Borrowings                            |    66.5     |    83.5     |
|---------------------------------------+-------------+-------------|
| Deferred tax liabilities              |     3.2     |     6.2     |
|---------------------------------------+-------------+-------------|
| Provisions                            |     0.3     |     0.3     |
|---------------------------------------+-------------+-------------|
| Deferred grant                        |     1.2     |     1.3     |
|---------------------------------------+-------------+-------------|
| Retirement benefit obligation         |    27.4     |     6.6     |
|---------------------------------------+-------------+-------------|
|                                       |    98.6     |    97.9     |
|---------------------------------------+-------------+-------------|
| Current liabilities                   |             |             |
|---------------------------------------+-------------+-------------|
| Borrowings                            |    10.7     |    13.4     |
|---------------------------------------+-------------+-------------|
| Derivative financial instruments      |     0.7     |      -      |
|---------------------------------------+-------------+-------------|
| Trade and other payables              |    44.5     |    57.2     |
|---------------------------------------+-------------+-------------|
| Current tax liabilities               |     4.2     |     5.3     |
|---------------------------------------+-------------+-------------|
| Provisions                            |     0.3     |     0.4     |
|---------------------------------------+-------------+-------------|
| Deferred grant                        |     0.1     |     0.1     |
|---------------------------------------+-------------+-------------|
|                                       |    60.5     |    76.4     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Total liabilities                     |    159.1    |    174.3    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Total equity and liabilities          |    311.3    |    386.6    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
+-------------------------------------------------------------------+









+-------------------------------------------------------------------+
| Consolidated Cash Flow Statement for the year ended 31 December   |
| 2008                                                              |
|-------------------------------------------------------------------|
|                                       | Year ended  | Year ended  |
|---------------------------------------+-------------+-------------|
|                                       | 31 December | 31 December |
|                                       |-------------+-------------|
|                                       |    2008     |    2007     |
|---------------------------------------+-------------+-------------|
|                                       |     ¤m      |     ¤m      |
|---------------------------------------+-------------+-------------|
| Operating activities                  |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Profit for the year                   |    40.5     |    38.3     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Adjustments for:                      |             |             |
|---------------------------------------+-------------+-------------|
| Finance costs (net)                   |    (1.2)    |    (0.7)    |
|---------------------------------------+-------------+-------------|
| Income tax expense                    |     2.5     |     2.4     |
|---------------------------------------+-------------+-------------|
| Retirement benefit obligations -      |     2.4     |     2.8     |
| service cost                          |             |             |
|---------------------------------------+-------------+-------------|
| Retirement benefit obligations -      |    (2.5)    |    (3.0)    |
| payments                              |             |             |
|---------------------------------------+-------------+-------------|
| Depreciation of property, plant and   |    23.0     |    29.2     |
| equipment                             |             |             |
|---------------------------------------+-------------+-------------|
| Amortisation of intangible assets     |     1.3     |     1.0     |
|---------------------------------------+-------------+-------------|
| Amortisation of deferred income       |    (0.1)    |    (0.1)    |
|---------------------------------------+-------------+-------------|
| Share-based payment expense           |     0.6     |     0.5     |
|---------------------------------------+-------------+-------------|
| Gain on disposal of property, plant   |    (4.0)    |    (0.1)    |
| and equipment                         |             |             |
|---------------------------------------+-------------+-------------|
| Decrease in restructuring provision   |      -      |    (1.3)    |
|---------------------------------------+-------------+-------------|
| Decrease in other provisions          |    (0.1)    |    (0.2)    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Operating cash flows before movements |    62.4     |    68.8     |
| in working capital                    |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Decrease / (increase) in inventories  |     0.5     |    (0.7)    |
|---------------------------------------+-------------+-------------|
| Decrease in receivables               |     8.5     |     6.8     |
|---------------------------------------+-------------+-------------|
| (Decrease) / increase in payables     |   (12.1)    |    10.1     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Cash generated from operations        |    59.3     |    85.0     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Income taxes paid                     |    (3.9)    |    (1.0)    |
|---------------------------------------+-------------+-------------|
| Interest paid                         |    (4.1)    |    (6.5)    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Net cash from operating activities    |    51.3     |    77.5     |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Cash flow from investing activities   |             |             |
|---------------------------------------+-------------+-------------|
| Interest received                     |     1.4     |     1.3     |
|---------------------------------------+-------------+-------------|
| Proceeds on disposal of property,     |    13.2     |     0.1     |
| plant and equipment                   |             |             |
|---------------------------------------+-------------+-------------|
| Payment received on long term         |     2.3     |      -      |
| receivable                            |             |             |
|---------------------------------------+-------------+-------------|
| Purchases of property, plant and      |    (7.5)    |   (58.0)    |
| equipment                             |             |             |
|---------------------------------------+-------------+-------------|
| Purchases of intangible assets        |    (0.9)    |    (0.4)    |
|---------------------------------------+-------------+-------------|
| Net cash from / (used in) investing   |     8.5     |   (57.0)    |
| activities                            |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Cash flow from financing activities   |             |             |
|---------------------------------------+-------------+-------------|
| Redemption of redeemable shares       |   (24.5)    |      -      |
|---------------------------------------+-------------+-------------|
| Repayments of borrowings              |   (66.9)    |   (85.6)    |
|---------------------------------------+-------------+-------------|
| Repayments of obligations under       |    (2.2)    |    (2.9)    |
| finance leases                        |             |             |
|---------------------------------------+-------------+-------------|
| Proceeds on issue of ordinary share   |     0.7     |     8.1     |
| capital                               |             |             |
|---------------------------------------+-------------+-------------|
| New bank loans raised                 |    49.5     |    62.5     |
|---------------------------------------+-------------+-------------|
| Decrease in bank overdraft            |    (0.1)    |      -      |
|---------------------------------------+-------------+-------------|
| New finance leases raised             |      -      |     0.1     |
|---------------------------------------+-------------+-------------|
| Net cash used in financing activities |   (43.5)    |   (17.8)    |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Net increase in cash and cash         |    16.3     |     2.7     |
| equivalents                           |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Cash and cash equivalents at the      |    12.4     |    11.0     |
| beginning of the year                 |             |             |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Effect of foreign exchange rate       |    (0.2)    |    (1.3)    |
| changes                               |             |             |
|---------------------------------------+-------------+-------------|
| Cash and cash equivalents at the end  |             |             |
| of the year                           |             |             |
|---------------------------------------+-------------+-------------|
| Bank balances and cash                |    28.5     |    12.4     |
+-------------------------------------------------------------------+







Notes to the consolidated financial statements for the year ended 31
December 2008




1.         Accounting policies

There were no changes  in accounting policies from  those set out  in
the Group's Annual Report  for the financial  year ended 31  December
2007.



2.         Segmental information


+-------------------------------------------------------------------+
|                 |   Turnover    | Profit Before |   Net Assets    |
|                 |               |      Tax      |     (equity     |
|                 |               |               |-----------------|
|                 |               |               | attributable to |
|                 |               |               |     equity      |
|                 |               |               |-----------------|
|                 |               |               |    holders)     |
|-----------------+---------------+---------------+-----------------|
| Analysis by     | 2008  | 2007  | 2008 |  2007  |  2008  |  2007  |
| class of        |       |       |      |        |        |        |
| business        |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
|                 |  ¤m   |  ¤m   |  ¤m  |   ¤m   |   ¤m   |   ¤m   |
|-----------------+-------+-------+------+--------+--------+--------|
| Ferries and     | 183.1 | 197.9 | 34.9 |  40.9  | 162.2  | 257.2  |
| Travel          |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Container and   | 161.1 | 158.4 | 6.9  |  9.2   |  39.6  |  45.3  |
| Terminal        |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Intersegment    | (1.3) | (0.5) |      |        |        |        |
| turnover        |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
|                 | 342.9 | 355.8 | 41.8 |  50.1  | 201.8  | 302.5  |
|-----------------+-------+-------+------+--------+--------+--------|
| Non trading     |       |       |  -   | (10.1) |        |        |
| charge          |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Net             |       |       | 1.2  |  0.7   | (48.7) | (84.5) |
| interest/debt   |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Unallocated     |       |       |      |        | (0.9)  | (5.7)  |
| liabilities     |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
|                 | 342.9 | 355.8 | 43.0 |  40.7  | 152.2  | 212.3  |
|-----------------+-------+-------+------+--------+--------+--------|
|                 |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Analysis by     | 2008  | 2007  |      |        |        |        |
| origin          |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
|                 |  ¤m   |  ¤m   |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Ireland         | 145.4 | 150.5 |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| United Kingdom  | 74.1  | 75.7  |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
| Continental     | 123.4 | 129.6 |      |        |        |        |
| Europe          |       |       |      |        |        |        |
|-----------------+-------+-------+------+--------+--------+--------|
|                 | 342.9 | 355.8 |      |        |        |        |
+-------------------------------------------------------------------+






3.         Income tax expense


+-------------------------------------------------+
|                                 |       |       |
|---------------------------------+-------+-------|
|                                 |  2008 |  2007 |
|---------------------------------+-------+-------|
|                                 |  ¤m   |  ¤m   |
|---------------------------------+-------+-------|
|                                 |       |       |
|---------------------------------+-------+-------|
| Current tax                     |  2.0  |  2.1  |
|---------------------------------+-------+-------|
| Deferred tax                    |  0.5  |  0.3  |
|---------------------------------+-------+-------|
|                                 |       |       |
|---------------------------------+-------+-------|
| Income tax expense for the year |  2.5  |  2.4  |
+-------------------------------------------------+



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 28% (2007: 25.5% and 30%).


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



+-------------------------------------------------------------------+
|                                                   | 2008  | 2007  |
|---------------------------------------------------+-------+-------|
|                                                   |    ¤m |    ¤m |
|---------------------------------------------------+-------+-------|
|                                                   |       |       |
|---------------------------------------------------+-------+-------|
| Profit before tax from continuing operations      |  43.0 |  40.7 |
|---------------------------------------------------+-------+-------|
|                                                   |       |       |
|---------------------------------------------------+-------+-------|
| Tax at the domestic income tax rate of 12.5%      |   5.4 |   5.1 |
|---------------------------------------------------+-------+-------|
|                                                   |       |       |
|---------------------------------------------------+-------+-------|
| Losses not recorded as deferred tax asset         |   1.5 |     - |
|---------------------------------------------------+-------+-------|
| Net utilisation of tax losses                     | (0.2) | (0.4) |
|---------------------------------------------------+-------+-------|
| Unrealised foreign exchange gain                  | (4.4) | (1.8) |
|---------------------------------------------------+-------+-------|
| Difference in effective tax rates                 |   0.6 |   1.3 |
|---------------------------------------------------+-------+-------|
| Effect of tonnage relief                          | (0.8) | (2.6) |
|---------------------------------------------------+-------+-------|
| Other items                                       |   0.4 |   0.8 |
|---------------------------------------------------+-------+-------|
|                                                   |       |       |
|---------------------------------------------------+-------+-------|
| Income tax expense recognised in Consolidated     |       |       |
| Income Statement                                  |   2.5 |   2.4 |
|---------------------------------------------------+-------+-------|
|                                                   |       |       |
+-------------------------------------------------------------------+






4.         Non trading charge


+--------------------------------------------+
|                | Year Ended  | Year Ended  |
|----------------+-------------+-------------|
|                | 31 December | 31 December |
|----------------+-------------+-------------|
|                |    2008     |    2007     |
|----------------+-------------+-------------|
|                |     ¤m      |     ¤m      |
|----------------+-------------+-------------|
|                |             |             |
|----------------+-------------+-------------|
| Takeover costs |      -      |   (10.1)    |
|----------------+-------------+-------------|
|                |             |             |
|----------------+-------------+-------------|
|                |      -      |   (10.1)    |
+--------------------------------------------+



Takeover costs

During the  prior 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.  The total  amount  incurred  in
relation to the offers amounted to ¤10.1 million.  Amounts claimed by
Moonduster are not  included in the  above figure and  have not  been
accrued for (see below).

Contingent liability

In  October  2007,  Moonduster  claimed  reimbursement  of   expenses
totalling  ¤6.47  million  on  foot  of  the  expense   reimbursement
agreement entered into  (referred to above).   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.




5.         Earnings per share - all from continuing operations



+-----------------------------------------------------+
|                                     | 2008  | 2007  |
|-------------------------------------+-------+-------|
|                                     | cent  | cent  |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Basic earnings per share            | 164.7 | 160.9 |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Diluted earnings per share          | 162.8 | 158.9 |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Adjusted basic earnings per share   | 148.9 | 178.6 |
|-------------------------------------+-------+-------|
|                                     |       |       |
|-------------------------------------+-------+-------|
| Adjusted diluted earnings per share | 147.1 | 176.3 |
+-----------------------------------------------------+




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:



+-------------------------------------------------------------------+
|                                                 |  2008  |  2007  |
|-------------------------------------------------+--------+--------|
| Earnings                                        |   ¤m   |   ¤m   |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of basic earnings per |        |        |
| share -                                         |        |        |
|-------------------------------------------------+--------+--------|
| Profit for  the  year  attributable  to  equity |        |        |
| holders of the parent                           |  40.5  |  38.3  |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the  purposes of diluted  earnings |        |        |
| per share                                       |  40.5  |  38.3  |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of basic earnings per |        |        |
| share -                                         |        |        |
|-------------------------------------------------+--------+--------|
| Profit for  the  year  attributable  to  equity |        |        |
| holders of the parent                           |  40.5  |  38.3  |
|-------------------------------------------------+--------+--------|
| Effect of non trading charge                    |   -    |  10.1  |
|-------------------------------------------------+--------+--------|
| Effect of  expected return  on defined  benefit |        |        |
| pension scheme assets                           | (18.2) | (19.3) |
|-------------------------------------------------+--------+--------|
| Effect of interest  on defined benefit  pension |        |        |
| scheme liabilities                              |  14.3  |  13.4  |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Earnings for the purposes of adjusted  earnings |        |        |
| per share                                       |  36.6  |  42.5  |
+-------------------------------------------------------------------+





+-------------------------------------------------------------------+
|                                                 |  2008  |  2007  |
|-------------------------------------------------+--------+--------|
| Number of shares                                |  '000  |  '000  |
|-------------------------------------------------+--------+--------|
| Weighted average number of ordinary shares  for |        |        |
| the purposes of                                 |        |        |
|-------------------------------------------------+--------+--------|
| basic earnings per share                        | 24,586 | 23,794 |
|-------------------------------------------------+--------+--------|
| Effect of dilutive  potential ordinary  shares: |        |        |
| Share options                                   |  294   |  307   |
|-------------------------------------------------+--------+--------|
|                                                 |        |        |
|-------------------------------------------------+--------+--------|
| Weighted average number of ordinary shares  for |        |        |
| the purposes of                                 |        |        |
|-------------------------------------------------+--------+--------|
| diluted adjusted earnings per share             | 24,880 | 24,101 |
+-------------------------------------------------------------------+




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

Adjusted earnings  per  share  is earnings  per  share,  adjusted  to
exclude expected return on defined benefit pension scheme assets, the
interest on  defined  benefit  pension  scheme  liabilities  and  non
trading charges or credits.

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

2008



+------------------------------------------------------------------------------------------------+
|            |         |         |         |  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   |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|2008        |     16.5|     48.1|      2.2|      1.0|      0.6|        (9.5)|     153.4|   212.3|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Total       |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|recognised  |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|income and  |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|expense for |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|the year    |        -|        -|        -|        -|    (0.7)|       (24.1)|    (11.5)|  (36.3)|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Transfer to |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Income      |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Statement - |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|net         |         |         |         |         |         |             |          |        |
|settlement  |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|on cash     |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|flow hedges |        -|        -|        -|        -|    (0.6)|            -|         -|   (0.6)|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Share issue |      0.1|        -|        -|        -|        -|            -|         -|     0.1|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Exercise of |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|share       |         |         |         |         |         |             |          |        |
|options -   |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|shares      |         |         |         |         |         |             |          |        |
|issued      |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|at premium  |        -|      0.6|        -|        -|        -|            -|         -|     0.6|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Employee    |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|share       |         |         |         |         |         |             |          |        |
|options     |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|expense     |        -|        -|        -|      0.6|        -|            -|         -|     0.6|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Redemption  |         |         |         |         |         |             |          |        |
|of          |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|redeemable  |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|share       |         |         |         |         |         |             |          |        |
|capital     |        -|        -|        -|        -|        -|            -|    (24.5)|  (24.5)|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Transfer to |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|retained    |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|earnings on |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|exercise of |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|share       |         |         |         |         |         |             |          |        |
|options     |        -|        -|        -|    (0.1)|        -|            -|       0.1|       -|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |      0.1|      0.6|        -|      0.5|    (1.3)|       (24.1)|    (35.9)|  (60.1)|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Balance at  |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|31 December |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|2008        |     16.6|     48.7|      2.2|      1.5|    (0.7)|       (33.6)|     117.5|   152.2|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Analysed    |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|as follows: |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Share       |         |         |         |         |         |             |          |        |
|capital     |         |         |         |         |         |             |          |    16.6|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Share       |         |         |         |         |         |             |          |        |
|premium     |         |         |         |         |         |             |          |    48.7|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Other       |         |         |         |         |         |             |          |        |
|reserves    |         |         |         |         |         |             |          |  (30.6)|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|Retained    |         |         |         |         |         |             |          |        |
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|earnings    |         |         |         |         |         |             |          |   117.5|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |   152.2|
|------------+---------+---------+---------+---------+---------+-------------+----------+--------|
|            |         |         |         |         |         |             |          |        |
+------------------------------------------------------------------------------------------------+






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|
|------------+---------+---------+---------+---------+---------+-------------+----------+-------|
|            |         |         |         |         |         |             |          |       |
|------------+---------+---------+---------+---------+---------+-------------+----------+-------|
|            |         |         |         |         |         |             |          |       |
|------------+---------+---------+---------+---------+---------+-------------+----------+-------|
|            |      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|
|------------+---------+---------+---------+---------+---------+-------------+----------+-------|
|            |         |         |         |         |         |             |          |       |
+-----------------------------------------------------------------------------------------------+





7.         General information

The financial information in this preliminary announcement does not
constitute 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 2008 will be annexed to the
annual return for 2009. 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 2008 and the Directors
approved the financial statements in respect of the financial year
ended 31 December 2008 on 6 March 2009. A copy of the financial
statements in respect of the year ended 31 December 2007 has been
annexed to the annual return for 2008 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 certain financial instruments.

The directors approved the issue of the preliminary announcement on 6
March 2009.

---END OF MESSAGE---




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