Trading Statement

Irish Continental Group PLC
29 April 2005



                          IRISH CONTINENTAL GROUP plc


     Chairman's Statement on Current Trading to the Annual General Meeting


Trading in the first quarter of 2005 has been challenging.  In the first 16
weeks of trading, a period which includes the annual overhaul programme of the
vessels, we have seen a weaker passenger market combined with a firmer freight
market.


In the passenger market our car volumes are down 4% year to date.  The tourist
market into Ireland is facing perceptions of a high cost destination combined
with substantially increased low fare air capacity from the UK, our principal
market.  In addition many new destinations are being served from the UK by low
fare air carriers.


In the freight market our volumes are up 4%.


Overall revenue within the Ferries Division is broadly unchanged while savings
in labour costs have been offset by increases in fuel prices.


Within the Container Division conditions remain competitive, although the
commissioning of our terminal extension in 2004 is leading to improved
profitability from terminal activities.


Fuel costs remain subject to the world price for oil which has recently reached
nominal highs.  Based on current prices remaining unchanged our fuel bill across
the group would be Euro 6m higher than in 2004 which underlines the need for
fuel surcharges.


The competitive environment remains challenging.  New operators have taken over
two routes which had ceased operations at the end of 2004 (P&O's freight route
between Rosslare and Cherbourg, and the Dublin - Liverpool  passenger service
previously operated by Isle of Man SteamPacket).  When combined with increasing
air capacity into the island it is clear that a consistent focus on cost
reduction will be necessary in order for us to prosper.



In this regard we have reduced the cost base on our service to France to
international norms.  Having received clarification this week from the Labour
Court and the Union involved we have accepted the recent Labour Court
Recommendation on outsourcing.  This recommendation also calls for an
independent review of our Irish Sea cost base.  This review will commence
shortly.




John B McGuckian
Chairman
29 April 2005




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