Interim Management Statement

INTERIM MANAGEMENT STATEMENT


Highlights

Volumes   (Year to date, 8 May 2010)

 Cars                       92,500    -5.6%

 Passengers                431,500   +10.4%

 RoRo Freight               63,000   -15.1%

 Container Freight (teu)   147,000   +10.5%

 Terminal Lifts             57,700    +5.6%



Financial (January - April 2010)

 Revenue               €75.7m   -0.7%

 EBITDA                 €8.0m    0.0%

 Net Debt (May 2010)   €16.0m       (€21.7m 31 Dec 2009)




Irish  Continental Group plc  (ICG) issues this  Interim Management Statement in
accordance  with  the  reporting  requirements  of  the Transparency Regulations
2007. The statement covers the period from 1 January 2010 to date.  It should be
noted  that ICG's business is significantly  weighted towards the second half of
the  year when normally a  higher proportion of the  Group's operating profit is
generated than in the first six months.



Current Trading
In the first four months of the year Group revenue was €75.7 million,   compared
with  €76.2 in the same  period last year. Higher  passenger and car revenue was
offset  by  lower  freight  revenue.  Operating  costs  (before  depreciation  &
amortisation)   were  €67.7.million  versus  €68.2  million  the  previous  year
including an increase of €4.1 million in fuel costs to €12.4 million.   Earnings
before  interest tax and depreciation (EBITDA) were €8.0 million compared with €
8.0 million in the same period in 2009.

In  the period up to 8 May 2010, we carried 92,500 cars, a 5.6% reduction on the
same  period  last  year  (3.7%  lower  on  the Irish Sea and 21.7% lower on the
Ireland  France route due  to a two  month later start  of the service following
winter  vessel refit).  The lower volumes were compensated for by higher yields.
 Our  total  passenger  numbers  were  up  by  40,500 (10.4  %)  at 431,500. The
substantial  increase in passenger  numbers was influenced  by a 49% increase in
foot  and coach passengers due partly, but not exclusively, to the disruption to
air  travel to  and from  Ireland during  the closure  of European airspace from
15th to  21st April.  (Prior to the airspace closure foot passenger numbers were
already up 18% versus 2009).




In  the Roll  on Roll  off freight  market, while  the overall market is showing
signs  of modest growth (low single digits)  for the first time in approximately
18 months,  excess Ro  Ro freight  capacity continues.    Irish  Ferries carried
60,300 Ro  Ro units compared with 71,000 in the same period in 2009, a reduction
of  15.1 %.    Our carryings  have  been adversely influenced by  the additional
capacity put in place in 2009  by competitors on both the Dublin to Holyhead and
Dublin  to Liverpool routes  despite market demand  being at substantially lower
levels than in 2007/ 8.   The comparative capacity on Dublin to Holyhead will be
on  a like for  like basis from  early April onwards.    In the last 4 weeks our
RoRo  carryings  were  down  4 %  on  the  same  period  in  2009, a substantial
improvement in trend.

Container  freight has returned to growth and our volumes shipped rose by 10.5%
to  147,000 teu  (twenty  foot  equivalent  units)  in the period to 8 May 2010
compared with the same period last year although rate levels are lower than last
year.   Units handled at our terminals in  Dublin and Belfast increased by 5.6 %
year on year, over the same period

The  Group's balance sheet and cash  flow characteristics remain strong. Current
net  debt is approximately  €16 million, down  from €21.7 million at 31 December
2009. Liquidity remains strong with gross cash balances of €25 million.



Outlook
The  recent closures of Irish airspace  have reinforced the strategic importance
of sea access to the island of Ireland for both passengers and freight.

Forward  bookings  for  Irish  Ferries  have  improved  during  recent  weeks as
uncertainty  about  the  effects  of  volcanic  ash on air travel continues. The
reaction  from customers who used our  services during the recent disruption has
been  universally positive  and we  are hopeful  that this  will lead  to repeat
business, particularly for summer car traffic.

The  decline  in  the  RoRo  market  has  halted after almost eighteen months of
overall decline with small growth in the first quarter of 2010. The base effects
of  the increase  in competitor  capacity, introduced  in 2009, will start to be
reflected  in the comparative figures from now although the full impact from the
long  sea routes will not  be comparable until later  in the year.  The trend in
Irish  Ferries RoRo volumes has been improving  in recent weeks relative to last
year. The container freight market is also recovering although some freight rate
levels  being offered are  unsustainably low.  Finally,  the recent weakening of
the  Euro against Sterling is a positive development for both inbound tourism to
Ireland  and also Irish exports to the UK, both of which are core business flows
for ICG.




Dublin
13 May 2010


Enquiries

Eamonn Rothwell, CEO,  [phone]
Garry O'Dea, Finance Director,  [phone]




[HUG#1415454]