Irish Continental Group said today that although its trading environment remains challenging, it is well positioned to compete and hopes to make further progress.

Speaking at its AGM today, Chairman Tom Toner said that Irish Ferries had a good start to the year in its passenger business with car volumes up 6% by the end of April. The figures were boosted by a strong showing over the Easter bank holiday weekend.

However, he said that the freight market for both Ro-Ro and container traffic remains subdued and ICG's volumes are in line with the same time last year.