ICG's silver lining
Published 16/05/2010 | 05:00
WHILE the uncertainty generated by the wayward cloud of Icelandic volcanic ash is playing havoc with the bottom lines of all of the European airlines, including those of Ryanair and Aer Lingus, it's a different story for ferry company ICG.
Last week, Eamonn Rothwell's company revealed that passenger numbers had increased by 10pc in the first four months of the year. With airline schedules looking increasingly uncertain, it has been a case of back to the future with many people opting to travel by sea instead.
Even better news for the company is that, with Rothwell's controversial 2005 decision to crew his ships with eastern European seafarers having cut the company's costs to the bone, virtually all of this extra revenue will flow straight through to the bottom line.
Which just goes to show that every (ash) cloud has a silver lining.