Interim Management Statement

Irish Continental  Group plc  (ICG)  issues this  Interim  Management
Statement in  accordance  with  the  reporting  requirements  of  the
Transparency Regulations of  2007.  The statement  covers the  period
from 1 January 2008 to date.
 
It should  be noted  that ICG's  business is  significantly  weighted
towards  the  second  half  of  the  year  where  normally  a  higher
proportion of the Group's operating  profit is generated than in  the
first six months.
 
 
Material Events and Transactions
 
On 7 March 2008, the Board decided to redeem one redeemable share per
ICG unit for a consideration of 100 cent per share, which was paid on
8 April 2008  to shareholders  on the register  at 25  March 2008,  a
total of ¤24.5 million.
 
Following the purchase of the MV Oscar Wilde in 2007, the MV Normandy
became surplus to  requirements within the  Group.  In January  2008,
the Group entered into a Memorandum of Agreement for the sale of  the
vessel to Equinox Offshore Accommodation Limited, for a sum in excess
of the carrying value of the  ship.  The sale was completed in  March
2008. 
 
 
Current Trading, Q1 2008
 
Group
 
For the  first  quarter of  2008  Group revenue  was  ¤76.6  million,
representing a 0.5% decrease  over revenue for  the same period  last
year.  In  terms of  the operating  costs of  the business  the  most
significant change was in bunker  fuel, the negative impact of  which
we continue to actively manage.
 
 
Ferries
 
Passenger
 
In the period up  to 31 March 2008,  which included an early  Easter,
our passenger numbers  (276,700) are up  3% on the  same period  last
year, with cars (66,600) in line with 2007.
 
Freight
 
In the Roll on Roll off market, the volume of traffic decreased  from
66,000 units in  the first quarter  of 2007, to  64,200 units in  the
first quarter of 2008, a reduction of 3%.
 
Chartering
 
Two vessels within the  Group remained on charter  to P&O during  the
period.  The revenue  in the  current period  has fallen  due to  the
revised charter rates agreed  which had not come  into effect in  the
first quarter of 2007,  together with the  weakening of sterling  and
the dollar  against the  euro.  In  the corresponding  period in  the
previous year we  also had  charter income  in respect  of the  Oscar
Wilde.
 
 
Container & Terminal
 
Overall container volumes shipped rose  by 4% to 132,000 teu  (twenty
foot equivalent units) in the first quarter of 2008 compared with the
same period last year.  Units handled at our terminals in Dublin  and
Belfast increased by 3% in the first quarter.
 
 
 
finance
 
Net debt at  31 March  2008, prior  to the  redemption of  redeemable
shares referred to above, was ¤67.3 million, down from ¤84.5  million
at 31 December 2007.
 
 
Outlook
 
Passenger volumes carried to 27 April 2008 are down approximately  7%
at 376,000, while car numbers are down approximately 10% at  89,000. 
RoRo freight volumes are down approximately 2% on last year at 83,900
units.  Container freight volumes are up  6% year to date at  166,000
teu.
 
 
The overall economic  environment remains  challenging. However  with
the recent restructuring of our cost base, combined with the benefits
of our capital expenditure and  our historically low debt levels,  we
are well placed to compete in this environment.
 
 
 
John B. McGuckian
Chairman
1 May 2008
 

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