Irish Continental shares rose by almost 10 per cent in Dublin this morning after the ferries group said it expected underlying profits for this year to be ahead of expectations.
Earlier this morning, shares in Irish Continental were trading at €14.25, up 130 cents.
In a statement released to the Irish Stock Exchange, Irish Continental said it had expected car volumes for the year to drop 7 per cent but that the actual decline would now be closer to 5 per cent.
The company said that volumes in the roll-on roll-off freight market are expected to be up 11 per cent, slightly ahead of its earlier forecast of between 9 and 10 per cent.
The firm also confirmed it has reached agreement with the Dublin Port Company on a 50 per cent expansion of its port terminal facility in Dublin to cater for the next generation of ships.