Preliminary Statement of Final Results

IRISH CONTINENTAL GROUP plc
                  PRELIMINARY STATEMENT OF RESULTS
                 FOR THE YEAR ENDED 31 DECEMBER 2005

Key Points

+-------------------------------------------------------------------+
| *                      Fundamental restructuring of vessel        |
|   crewing costs achieved                                          |
|-------------------------------------------------------------------|
| *                      Substantial / (20%) reduction in future    |
|   labour costs in a full year                                     |
|-------------------------------------------------------------------|
| *                      Business refocused in light of competitive |
|   conditions                                                      |
|-------------------------------------------------------------------|
| *                      Strong operating cash flow / minimal capex |
|   requirement                                                     |
|-------------------------------------------------------------------|
| *                      Freight business remains strong /          |
|   passenger market competitive                                    |
+-------------------------------------------------------------------+



+---------------------------------------------------------------+
| Financial Highlights        |                |                |
|-----------------------------+----------------+----------------|
|                             |      2005      |      2004      |
|-----------------------------+----------------+----------------|
|                             |                |                |
|-----------------------------+----------------+----------------|
| Turnover                    | ¤298.7 million | ¤293.3 million |
|-----------------------------+----------------+----------------|
| EBITDA*                     | ¤46.7 million  | ¤49.4 million  |
|-----------------------------+----------------+----------------|
| Profit from operations*     | ¤19.0 million  | ¤23.3 million  |
|-----------------------------+----------------+----------------|
| Restructuring Charge        | ¤29.1 million  | ¤12.4 million  |
|-----------------------------+----------------+----------------|
| Adjusted EPS*               |   57.9 cent    |   76.2 cent    |
|-----------------------------+----------------+----------------|
| Basic EPS                   |  (66.9) cent   |   23.4 cent    |
|-----------------------------+----------------+----------------|
| Equity                      | ¤138.9 million | ¤151.1 million |
|-----------------------------+----------------+----------------|
| Net Debt                    | ¤105.9 million | ¤117.9 million |
|-----------------------------+----------------+----------------|
|                             |                |                |
|-----------------------------+----------------+----------------|
| *  pre restructuring charge |                |                |
+---------------------------------------------------------------+


Comment
In comment, Chairman, John B. McGuckian stated,
"ICG has taken resolute action to reduce costs in the increasingly
competitive market place in which we operate.  This required us to
take difficult steps to outsource our vessels' crewing.  This has
resulted in exceptional voluntary severance charges of ¤29.1
million.  There has been some loss of revenue through industrial
action but we are confident we have taken a major step forward in
reducing our cost base, which underpins our ability to serve our
customer base and which will give us the ability to compete
effectively in 2006 and beyond".




                  PRELIMINARY STATEMENT OF RESULTS
                 FOR THE YEAR ENDED 31 DECEMBER 2005

RESULTS
Irish Continental Group plc ("ICG" or the "Group") today reports its
results for the year to 31 December 2005.  These are the first full
year's results to be reported under International Financial Reporting
Standards ("IFRS").  The results are significantly influenced by the
costs of implementing our restructuring programme and the loss of
revenue arising from the resultant industrial dispute in December
2005.
Turnover for the year amounted to ¤298.7 million (2004: ¤293.3
million). EBITDA, before restructuring charges was ¤46.7 million
(2004 ¤49.4 million) while trading profit before restructuring
charges amounted to ¤19.0 million (2004: ¤23.3 million).  Adjusted
EPS (i.e. before restructuring charges) amounted to 57.9 cent (2004:
76.2 cent).  Group wide fuel costs were substantially higher in the
year at ¤29.2 million (2004: ¤20.3 million).
The net interest charge was ¤4.7 million (2004: ¤5.4 million).
There were exceptional restructuring charges of ¤29.1 million (2004:
¤12.4 million) comprising the severance cost in respect of the crews
of the Irish Sea vessels who elected to leave under the voluntary
severance and outsourcing programme and related ancillary costs
(stated net).  The Group's vessels are now primarily crewed by a
third party manning agency at significantly lower cost.
Basic EPS, after taking account of such exceptional charges, was a
loss of 66.9 cent (2004: earnings of 23.4 cent).

REDEMPTION
The board has decided to redeem one Redeemable Share per ICG unit for
a cash consideration of 19.2 cent per Redeemable Share.  In November
2005 the Board redeemed one Redeemable Share per ICG unit for a
consideration of 9.91875 cent per Redeemable Share.  This represents
a total payment to shareholders of 29.11875 cent.
Payment will be made on 26 May 2006 to Shareholders on the Company's
register on 28 April 2006.


FERRIES DIVISION
The Ferries division comprises Irish Ferries, the leading ferry
operator to and from the Republic of Ireland, the Group's ship
chartering activities and holiday services.
Turnover in the division was ¤162.7 million (2004: ¤164.3 million)
while profit from operations, before restructuring charges, was ¤14.8
million (2004: ¤20.8 million).  Restructuring charges relating to the
outsourcing of crewing at Irish Ferries amounted to ¤29.1 million.
Fuel costs in the division rose 44% to ¤18.7 million.

Passenger Revenue
Overall passenger numbers were affected by difficult market
conditions and by the effects of the industrial dispute in November /
December.  Market conditions reflected significant additional airline
competition, including low cost carriers, particularly to regional
airports in Ireland.  We estimate that the overall car market into
the Republic of Ireland declined by around 9%.
Our passenger numbers fell 6.6% to 1.49 million while car numbers
fell by 4.5% to 366,000. The total number of sailings operated fell
by 1.6% to 4,587.
Freight Revenue
In the Roll on Roll off freight market we achieved an increase of
3.0% to 210,000 freight vehicles carried.  The freight market
continues to grow in volume terms reflecting the buoyant economic
backdrop, although there is a growing imbalance between the volume of
imports and exports to and from Ireland.  Pricing remains competitive
as shippers continually try to reduce their transport costs.
Restructuring of Crew Costs
During the year we incurred significantly higher fuel charges, up
¤5.7 million.  This, combined with prevailing competitive market
conditions required us to focus our attentions on cost reductions
with the principal controllable item being crew costs on our Irish
Sea vessels.
Historically the company had directly employed its seafaring staff in
line with traditional practice.  Given the changes to the
marketplace, which has seen the advent of low fare air travel and
greenfield ferry competition using agency crew, we decided that, in
order to survive, the Group would have to restructure its crewing to
prevailing market levels.  A voluntary severance package was offered
to existing staff, on extremely generous terms, resulting in 90% of
those staff electing to leave the Company.   The remaining staff are
to be accommodated within the new agency structure.  The total
restructuring cost is ¤29.1 million which has been taken as a charge
in the 2005 financial year.  Staff have left on a phased basis during
the first three months of this year, as and when replacement crew
have been trained.  There was some disruption to services in November
/ December 2005 as industrial action took place but this was resolved
by agreement on 14 December 2005.

A total of 500 staff have applied for the severance programme from a
total Group employment of 1,055 at the end of 2005.  The target is to
reduce aggregate payroll costs within the group by approximately 20%
on a full year basis from the current ¤57m p.a. .  Separately, in
early 2006, we announced a reduction in the schedule of our fast
craft Jonathan Swift from 3 round trips to 2 round trips a day on the
Dublin-Holyhead route.   This will lead to substantial savings in
fuel and other operational costs.  This reduction in frequency will
be kept under review in the light of market conditions.

Information Technology

We have invested significantly during the year in Information
Technology.  In December we rolled out a new freight reservations
system, "Freightengine", while in early 2006 we launched "Ferryres",
our new passenger reservations system developed in conjunction with
Anite Travel Systems.  Both systems enhance flexibility and will
drive down distribution costs while improving customer service.
Internet sales continue to develop strongly and now represent over
40% of our passenger sales.
Chartering
Both the Pride of Bilbao and Pride of Cherbourg remained on charter
to P&O during the year.  P&O sub-chartered the Pride of Cherbourg
during the year and the vessel is now named "Challenger" and  trading
in New Zealand.  Both charters to P&O are firm until 2007, with
charterer's options to extend beyond that date.

CONTAINER AND TERMINAL DIVISION
The division includes our intermodal freight services Eucon,
Feederlink and Eurofeeders as well as our strategically located
container port in Dublin (DFT).
Turnover in the division was ¤136.4 million compared with ¤129.8
million in 2004 while profit from operations was ¤4.2 million (2004:
¤2.5 million).  Fuel costs within the division were up 44% at ¤10.5
million while vessel charter costs also rose, by 15% to ¤30.6
million.
Overall container volumes shipped fell by 8.2% to 460,000 teu while
units handled at our owned terminal in Dublin, DFT, rose 7.1% to
156,000 lifts.  The opening of the Dublin Port Tunnel, scheduled for
later in 2006, will enhance access to DFT significantly, by linking
Dublin Port, which handles 55% of Ireland's imports and 80% of the
country's exports, to the M1 motorway to the North and the M50
orbital motorway.


FINANCE
EBITDA before restructuring charges for the year was ¤46.7 million
(2004: ¤49.4 million).  Our net interest payments were ¤4.9 million
and tax payments amounted to ¤1.7 million.  Capital expenditure was
¤13.5 million while restructuring payments (including those provided
for in 2004) totalled ¤6.0 million.
We returned ¤6.3 million to shareholders via redemption of redeemable
shares (2004: ¤5.5 million).
Net debt at year end was down to ¤105.9 million (2004: ¤117.9
million).
Group return on average capital employed (before restructuring
charges) was 7.4% for the year, compared with 8.2% in 2004.
With regard to pensions there was a net surplus of ¤7.4 million in
the Group's defined benefit schemes at 31 December 2005 compared with
a net deficit of ¤1.9 million the previous year.  Some ships officers
employed in the Group are members of the Merchant Navy Officers
Pension Fund (MNOPF), a defined benefit multi employer plan, which is
in deficit.  The Group feels that insufficient information is
available on an ongoing basis to account for the scheme as a defined
benefit scheme and therefore will continue to account for it as a
defined contribution scheme.  The trustees of the MNOPF scheme have
advised that the Group's share of the deficit in the scheme as at 31
December 2005 is ¤4.3 million and this amount has been provided for
in the current year.

IFRS
As required by the EU these results are reported in accordance with
International Financial Reporting Standards (IFRS) rather than
GAAP.    Information on the transition to IFRS was issued on 6 July
2005.


CURRENT TRADING
The markets in which we operate, passenger and freight transport,
remain extremely competitive.  We now have a restructured cost base
with which to complete vigorously.
In the freight markets, both RoRo and LoLo, increased prices are
necessary to reflect the increasing external costs such as fuel, ship
chartering and port costs.
While trading in the seasonally weaker early months of the year is
not significant in the context of performance of the year as a whole,
trading in the first eight weeks of the year has been satisfactory.
We look forward to the remainder of the year with confidence.



John B. McGuckian,
Chairman,
March 6th 2006

Enquiries:

Eamonn Rothwell, Managing Director,   +353.1.6075628
Garry O'Dea,         Finance Director       +353.1.6075628



+-------------------------------------------------------------------+
| Consolidated Income Statement for the year ended 31 December 2005 |
|-------------------------------------------------------------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
|                            | Notes |  Year ended   |  Year ended  |
|----------------------------+-------+---------------+--------------|
|                            |       |  31 December  | 31 December  |
|                            |       |     2005      |     2004     |
|----------------------------+-------+---------------+--------------|
| Continuing operations      |       |      ¤m       |      ¤m      |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| Revenue                    |       |         298.7 |        293.3 |
|----------------------------+-------+---------------+--------------|
| Depreciation &             |       |        (27.8) |       (26.3) |
| amortisation               |       |               |              |
|----------------------------+-------+---------------+--------------|
| Employee benefit expense   |       |        (57.2) |       (58.4) |
|----------------------------+-------+---------------+--------------|
| Other operating expenses   |       |       (194.7) |      (185.3) |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| Trading profit             |       |          19.0 |         23.3 |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| Restructuring costs        |   2   |        (29.1) |       (12.4) |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| (Loss) / profit from       |       |        (10.1) |         10.9 |
| operations                 |       |               |              |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| Investment income          |       |           1.0 |          0.9 |
|----------------------------+-------+---------------+--------------|
| Finance costs              |       |         (5.7) |        (6.3) |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| (Loss) / profit before tax |       |        (14.8) |          5.5 |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| Income tax expense         |       |         (0.8) |            - |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| (Loss) / profit for the    |       |        (15.6) |          5.5 |
| year: all attributable     |       |               |              |
| to equity holders of the   |       |               |              |
| parent                     |       |               |              |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
|                            |       |               |              |
|----------------------------+-------+---------------+--------------|
| (Loss) / earnings per      |   4   |               |              |
| share: all from continuing |       |               |              |
| operations                 |       |               |              |
|----------------------------+-------+---------------+--------------|
| Basic                      |       |  (66.9) cents |   23.4 cents |
|----------------------------+-------+---------------+--------------|
| Diluted                    |       |             - |   23.3 cents |
+-------------------------------------------------------------------+












+-------------------------------------------------------------------+
| Consolidated Balance Sheet at 31 December 2005                    |
|-------------------------------------------------------------------|
|                             | 31 December 2005 | 31 December 2004 |
|-----------------------------+------------------+------------------|
|                             |        ¤m        |        ¤m        |
|-----------------------------+------------------+------------------|
| Assets                      |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Non current assets          |                  |                  |
|-----------------------------+------------------+------------------|
| Property, plant and         |            287.8 |            295.1 |
| equipment                   |                  |                  |
|-----------------------------+------------------+------------------|
| Intangible assets           |              3.3 |              2.5 |
|-----------------------------+------------------+------------------|
| Long term receivable        |              4.9 |              3.6 |
|-----------------------------+------------------+------------------|
| Retirement benefit surplus  |              8.0 |              2.8 |
|-----------------------------+------------------+------------------|
|                             |            304.0 |            304.0 |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Current assets              |                  |                  |
|-----------------------------+------------------+------------------|
| Inventories                 |              0.6 |              0.6 |
|-----------------------------+------------------+------------------|
| Trade and other receivables |             37.6 |             42.5 |
|-----------------------------+------------------+------------------|
| Cash and cash equivalents   |             14.0 |              9.2 |
|-----------------------------+------------------+------------------|
|                             |             52.2 |             52.3 |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Total assets                |            356.2 |            356.3 |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Equity and liabilities      |                  |                  |
|-----------------------------+------------------+------------------|
| Capital and reserves        |                  |                  |
|-----------------------------+------------------+------------------|
| Share capital               |             15.8 |             15.8 |
|-----------------------------+------------------+------------------|
| Share premium               |             39.6 |             39.6 |
|-----------------------------+------------------+------------------|
| Capital reserves            |              2.2 |              2.2 |
|-----------------------------+------------------+------------------|
| Share options reserve       |              0.1 |                - |
|-----------------------------+------------------+------------------|
| Hedging reserve             |            (0.1) |                - |
|-----------------------------+------------------+------------------|
| Translation reserve         |              3.6 |            (2.2) |
|-----------------------------+------------------+------------------|
| Retained earnings           |             77.7 |             95.7 |
|-----------------------------+------------------+------------------|
| Equity attributable to      |            138.9 |            151.1 |
| equity holders of the       |                  |                  |
| parent                      |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Non-current liabilities     |                  |                  |
|-----------------------------+------------------+------------------|
| Bank loans                  |             99.4 |             92.3 |
|-----------------------------+------------------+------------------|
| Obligations under finance   |              5.3 |              8.5 |
| leases                      |                  |                  |
|-----------------------------+------------------+------------------|
| Trade and other payables    |              3.7 |                - |
|-----------------------------+------------------+------------------|
| Retirement benefit          |              0.6 |              4.7 |
| obligation                  |                  |                  |
|-----------------------------+------------------+------------------|
| Deferred tax liabilities    |              4.9 |              5.1 |
|-----------------------------+------------------+------------------|
| Long term provisions        |              2.1 |              1.8 |
|-----------------------------+------------------+------------------|
| Derivative financial        |              0.1 |                - |
| instruments                 |                  |                  |
|-----------------------------+------------------+------------------|
|                             |            116.1 |            112.4 |
|-----------------------------+------------------+------------------|
| Current liabilities         |                  |                  |
|-----------------------------+------------------+------------------|
| Bank overdrafts and loans   |             11.7 |             22.0 |
|-----------------------------+------------------+------------------|
| Obligations under finance   |              3.5 |              4.3 |
| leases                      |                  |                  |
|-----------------------------+------------------+------------------|
| Trade and other payables    |             47.5 |             54.2 |
|-----------------------------+------------------+------------------|
| Current tax liabilities     |              4.8 |              5.5 |
|-----------------------------+------------------+------------------|
| Short term provisions       |             33.7 |              6.8 |
|-----------------------------+------------------+------------------|
|                             |            101.2 |             92.8 |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Total liabilities           |            217.3 |            205.2 |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Total equity and            |            356.2 |            356.3 |
| liabilities                 |                  |                  |
+-------------------------------------------------------------------+





+-------------------------------------------------------------------+
| Consolidated Statement of Recognised Income and Expense for the   |
| year ended 31 December 2005                                       |
|-------------------------------------------------------------------|
|                                    |  Year ended   |  Year ended  |
|------------------------------------+---------------+--------------|
|                                    |  31 December  | 31 December  |
|                                    |     2005      |     2004     |
|------------------------------------+---------------+--------------|
|                                    |      ¤m       |      ¤m      |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Exchange differences on            |           5.8 |        (2.2) |
| translation of foreign operations  |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Actuarial gains / (losses) on      |           3.9 |       (14.3) |
| retirement obligations             |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| (Loss) /profit for the year        |        (15.6) |          5.5 |
|------------------------------------+---------------+--------------|
|                                    |               |              |
|------------------------------------+---------------+--------------|
| Total recognised income and        |         (5.9) |       (11.0) |
| expense for the year: all          |               |              |
| attributable to equity holders of  |               |              |
| the parent - decrease in retained  |               |              |
| earnings                           |               |              |
|------------------------------------+---------------+--------------|
|                                    |               |              |
+-------------------------------------------------------------------+







+-------------------------------------------------------------------+
| Consolidated Cashflow Statement for the year ended 31 December    |
| 2005                                                              |
|-------------------------------------------------------------------|
|                                  |    Year ended    | Year ended  |
|----------------------------------+------------------+-------------|
|                                  | 31 December 2005 | 31 December |
|                                  |                  |    2004     |
|----------------------------------+------------------+-------------|
|                                  |        ¤m        |     ¤m      |
|----------------------------------+------------------+-------------|
| Operating activities             |                  |             |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| (Loss) /profit for the year      |           (15.6) |         5.5 |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| Adjustments for:                 |                  |             |
|----------------------------------+------------------+-------------|
| Finance costs (net)              |              4.7 |         5.4 |
|----------------------------------+------------------+-------------|
| Income tax expense               |              0.8 |           - |
|----------------------------------+------------------+-------------|
| Retirement benefit obligations - |              2.0 |         2.5 |
| service cost                     |                  |             |
|----------------------------------+------------------+-------------|
| Retirement benefit obligations - |            (2.0) |       (0.4) |
| payments                         |                  |             |
|----------------------------------+------------------+-------------|
| Depreciation of property, plant  |             27.0 |        25.8 |
| and equipment                    |                  |             |
|----------------------------------+------------------+-------------|
| Amortisation of intangible       |              0.8 |         0.5 |
| assets                           |                  |             |
|----------------------------------+------------------+-------------|
| Amortisation of deferred income  |            (0.1) |       (0.2) |
|----------------------------------+------------------+-------------|
| Share-based payment expense      |              0.1 |           - |
|----------------------------------+------------------+-------------|
| Gain on disposal of property,    |            (0.5) |       (0.1) |
| plant and equipment              |                  |             |
|----------------------------------+------------------+-------------|
| Increase / (decrease) in         |             33.0 |       (0.3) |
| restructuring provision          |                  |             |
|----------------------------------+------------------+-------------|
| Decrease in other provisions     |            (5.6) |       (0.4) |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| Operating cash flows before      |             44.6 |        38.3 |
| movements                        |                  |             |
|   in working capital             |                  |             |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| Increase in inventories          |                - |         0.1 |
|----------------------------------+------------------+-------------|
| (Increase) / decrease in         |            (2.4) |         5.7 |
| receivables                      |                  |             |
|----------------------------------+------------------+-------------|
| Decrease in payables             |            (2.9) |       (5.0) |
|----------------------------------+------------------+-------------|
| Increase in deferred income      |                - |         0.3 |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| Cash generated from operations   |             39.3 |        39.4 |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| Income taxes paid                |            (1.7) |       (0.5) |
|----------------------------------+------------------+-------------|
| Interest paid                    |            (5.9) |       (6.9) |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
| Net cash from operating          |             31.7 |        32.0 |
| activities                       |                  |             |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
|----------------------------------+------------------+-------------|
|                                  |                  |             |
+-------------------------------------------------------------------+







+-------------------------------------------------------------------+
| Consolidated Cashflow Statement for the year ended 31 December    |
| 2005 (continued)                                                  |
|-------------------------------------------------------------------|
|                             |    Year ended    |    Year ended    |
|-----------------------------+------------------+------------------|
|                             | 31 December 2005 | 31 December 2004 |
|-----------------------------+------------------+------------------|
|                             |        ¤m        |        ¤m        |
|-----------------------------+------------------+------------------|
| Investing activities        |                  |                  |
|-----------------------------+------------------+------------------|
| Interest received           |              1.0 |              0.6 |
|-----------------------------+------------------+------------------|
| Proceeds on disposal of     |              0.6 |              0.2 |
| property, plant and         |                  |                  |
| equipment                   |                  |                  |
|-----------------------------+------------------+------------------|
| Purchases of property,      |           (11.9) |           (10.8) |
| plant and equipment         |                  |                  |
|-----------------------------+------------------+------------------|
| Purchases of intangible     |            (1.6) |            (2.7) |
| assets                      |                  |                  |
|-----------------------------+------------------+------------------|
| Net cash used in investing  |           (11.9) |           (12.7) |
| activities                  |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Financing activities        |                  |                  |
|-----------------------------+------------------+------------------|
| Proceeds on issue of        |                - |              0.8 |
| ordinary share capital      |                  |                  |
|-----------------------------+------------------+------------------|
| Redemption of redeemable    |            (6.3) |            (5.5) |
| shares                      |                  |                  |
|-----------------------------+------------------+------------------|
| Repurchase of own shares    |                - |            (7.9) |
|-----------------------------+------------------+------------------|
| Repayments of borrowings    |           (77.9) |           (25.0) |
|-----------------------------+------------------+------------------|
| Repayments of obligations   |            (4.3) |            (3.8) |
| under finance leases        |                  |                  |
|-----------------------------+------------------+------------------|
| New bank loans raised       |             71.8 |             17.0 |
|-----------------------------+------------------+------------------|
| New finance leases raised   |              0.2 |              3.0 |
|-----------------------------+------------------+------------------|
| Decrease in bank overdrafts |            (0.2) |            (0.4) |
|-----------------------------+------------------+------------------|
| Net cash used in financing  |           (16.7) |           (21.8) |
| activities                  |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Net increase / (decrease)   |              3.1 |            (2.5) |
| in cash and cash            |                  |                  |
| equivalents                 |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Cash and cash equivalents   |              9.2 |             12.2 |
| at the beginning of the     |                  |                  |
| year                        |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Effect of foreign exchange  |              1.7 |            (0.5) |
| rate changes                |                  |                  |
|-----------------------------+------------------+------------------|
|                             |                  |                  |
|-----------------------------+------------------+------------------|
| Cash and cash equivalents   |             14.0 |              9.2 |
| at the end of the year      |                  |                  |
|   Bank balances and cash    |                  |                  |
+-------------------------------------------------------------------+










Notes to the consolidated financial statements
for the year ended 31 December 2005

1.                  Segmental information


+---------------------------------------------------------------------+
|                           | Turnover  |Profit Before|  Net Assets   |
|                           |           |     Tax     |               |
|---------------------------+-----------+-------------+---------------|
|Analysis by class of       |2005 |2004 | 2005 | 2004 | 2005  | 2004  |
|business                   |     |     |      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|                           | ¤m  | ¤m  |  ¤m  |  ¤m  |  ¤m   |  ¤m   |
|---------------------------+-----+-----+------+------+-------+-------|
|Ferries and Travel         |162.7|164.3|  14.8|  20.8|  249.5|  244.5|
|---------------------------+-----+-----+------+------+-------+-------|
|Container and Terminal     |136.4|129.8|   4.2|   2.5|   32.3|   31.0|
|---------------------------+-----+-----+------+------+-------+-------|
|Intersegment turnover      |(0.4)|(0.8)|     -|     -|      -|      -|
|---------------------------+-----+-----+------+------+-------+-------|
|                           |298.7|293.3|  19.0|  23.3|  281.8|  275.5|
|---------------------------+-----+-----+------+------+-------+-------|
|Restructuring              |    -|    -|(29.1)|(12.4)|      -|      -|
|---------------------------+-----+-----+------+------+-------+-------|
|Net interest/debt          |    -|    -| (4.7)| (5.4)|(105.9)|(117.9)|
|---------------------------+-----+-----+------+------+-------+-------|
|Unallocated liabilities    |    -|    -|     -|     -| (37.0)|  (8.8)|
|---------------------------+-----+-----+------+------+-------+-------|
|Construction in progress   |    -|    -|     -|     -|      -|    2.3|
|---------------------------+-----+-----+------+------+-------+-------|
|                           |298.7|293.3|(14.8)|   5.5|  138.9|  151.1|
|---------------------------+-----+-----+------+------+-------+-------|
|                           |     |     |      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|Analysis by origin         | 2005| 2004|      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|                           |   ¤m|   ¤m|      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|Ireland                    |124.7|123.3|      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|United Kingdom             | 92.5| 93.4|      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|Continental Europe         | 81.5| 76.6|      |      |       |       |
|---------------------------+-----+-----+------+------+-------+-------|
|                           |298.7|293.3|      |      |       |       |
+---------------------------------------------------------------------+





2.                  Restructuring costs


+-------------------------------------------------+
|                     | Year ended  | Year ended  |
|---------------------+-------------+-------------|
|                     | 31 December | 31 December |
|---------------------+-------------+-------------|
|                     |    2005     |    2004     |
|---------------------+-------------+-------------|
|                     |     ¤m      |     ¤m      |
|---------------------+-------------+-------------|
|                     |             |             |
|---------------------+-------------+-------------|
| Restructuring costs |    29.1     |    12.4     |
+-------------------------------------------------+



In 2005 a decision was taken to restructure the crewing arrangements
on the Irish Sea routes.  Consequently a voluntary redundancy package
was offered to all relevant staff.  The charge to the income
statement represents the cost of the severance package (¤32.9
million), legal and other fees (¤1.6 million), and the curtailment
effect on the Group sponsored retirement benefit scheme ¤5.4
million).

In 2004 a charge of ¤12.4 million was recognised in the income
statement in respect of changes in the crewing arrangements on the
Ireland-France ferry route and associated redundancy costs; changes
in work practices in the Container & Terminal division including the
termination of maintenance contracts and related redundancy payments;
and provision for impairment of assets following a decision to close
the remaining UK travel agency shops.


3.                  Redemption of redeemable shares

The directors have decided to redeem one redeemable share per ICG
share unit on 26 May 2006, in respect of shareholders on the register
at 28 April 2006, for a cash consideration of 19.2 cent per
redeemable share.  Accordingly no dividend will be paid.


4.                  (Loss) / earnings per share - all from continuing
operations

The calculation of basic loss per share of 66.9 cent (2004: earnings
per share of 23.4 cent) is based on a loss after tax of ¤15.6 million
(2004: profit of ¤5.5 million) and 23.3 million shares (2004: 23.5
million) being the weighted average number of shares in issue during
the period.

Adjusted earnings per share of 57.9 cent (2004: 76.2 cent) is based
on profit attributable to shareholders before restructuring costs.




5.                  Reconciliation of movement in retained earnings


+-------------------------------------------------------------------+
|                                                           |  ¤m   |
|-----------------------------------------------------------+-------|
|                                                           |       |
|-----------------------------------------------------------+-------|
| Balance at 1 January 2005                                 | 95.7  |
|-----------------------------------------------------------+-------|
| Redemption of redeemable shares                           | (6.3) |
|-----------------------------------------------------------+-------|
| Recognised expense for the year attributable to equity    | (5.9) |
| holders of the parent                                     |       |
|-----------------------------------------------------------+-------|
| Translation adjustment recognised in translation reserve  | (5.8) |
|-----------------------------------------------------------+-------|
| Balance at 31 December 2005                               | 77.7  |
|-----------------------------------------------------------+-------|
|                                                           |       |
+-------------------------------------------------------------------+




6.                  Reconciliation of net cash flow to movement in
net debt



+-------------------------------------------------------------------+
|                                       | Year ended  | Year ended  |
|---------------------------------------+-------------+-------------|
|                                       | 31 December | 31 December |
|---------------------------------------+-------------+-------------|
|                                       |    2005     |    2004     |
|---------------------------------------+-------------+-------------|
|                                       |     ¤m      |     ¤m      |
|---------------------------------------+-------------+-------------|
|                                       |             |             |
|---------------------------------------+-------------+-------------|
| Increase / (decrease) in cash         |     3.1     |    (2.5)    |
|---------------------------------------+-------------+-------------|
| Decrease in overdraft                 |     0.2     |     0.4     |
|---------------------------------------+-------------+-------------|
| Decrease in debt                      |    10.2     |     8.8     |
|---------------------------------------+-------------+-------------|
| Change in net debt resulting from     |    13.5     |     6.7     |
| cash flows                            |             |             |
|---------------------------------------+-------------+-------------|
| Translation adjustment                |    (1.5)    |     0.4     |
|---------------------------------------+-------------+-------------|
| Net movement                          |    12.0     |     7.1     |
|---------------------------------------+-------------+-------------|
| Opening net debt                      |   (117.9)   |   (125.0)   |
|---------------------------------------+-------------+-------------|
| Closing net debt                      |   (105.9)   |   (117.9)   |
+-------------------------------------------------------------------+





7.                  Analysis of net debt


+-------------------------------------------------------------------+
|                 | Cash | Over-drafts |  Bank   | Leases |  Total  |
|                 |      |             |  loans  |        |         |
|-----------------+------+-------------+---------+--------+---------|
|                 |  ¤m  |     ¤m      |   ¤m    |   ¤m   |   ¤m    |
|-----------------+------+-------------+---------+--------+---------|
| At 1 January    |      |             |         |        |         |
| 2005            |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Current assets  |  9.2 |           - |       - |      - |     9.2 |
|-----------------+------+-------------+---------+--------+---------|
| Current         |    - |       (0.3) |  (21.7) |  (4.3) |  (26.3) |
| liabilities     |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Non current     |    - |           - |  (92.3) |  (8.5) | (100.8) |
| liabilities     |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Cash (inflow) / |  3.1 |         0.2 |     6.1 |    4.1 |    13.5 |
| outflow from    |      |             |         |        |         |
| financing       |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Foreign         |  1.7 |           - |   (3.1) |  (0.1) |   (1.5) |
| exchange rate   |      |             |         |        |         |
| changes         |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| At 31 December  | 14.0 |       (0.1) | (111.0) |  (8.8) | (105.9) |
| 2005            |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
|                 |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Analysed as:    |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Current assets  | 14.0 |           - |       - |      - |    14.0 |
|-----------------+------+-------------+---------+--------+---------|
| Current         |    - |       (0.1) |  (11.6) |  (3.5) |  (15.2) |
| liabilities     |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| Non current     |    - |           - |  (99.4) |  (5.3) | (104.7) |
| liabilities     |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
|                 |      |             |         |        |         |
|-----------------+------+-------------+---------+--------+---------|
| At 31 December  | 14.0 |       (0.1) | (111.0) |  (8.8) | (105.9) |
| 2005            |      |             |         |        |         |
+-------------------------------------------------------------------+




---END OF MESSAGE---