Ferries group Irish Continental will be one of the first companies to report results in 1998. Judging by the share price's performance over the past year, the market expects ICG to meet forecast profits and earnings of around £13.5 million.

At 810p, the share is almost double its level of earlier this year, although on a p/e basis, the share is still trading at a marginal discount to the market average.

ICG's business is emphatically seasonal with all the profits coming in the second half. This includes the summer when the ferries to Britain and France operate at near-to-full capacity. That trade will be boosted by strong growth in the truck traffic between Ireland and Britain. ICG has taken an unsentimental approach to its service between Cork and the French ports. It is bringing in a superferry next year to substitute for the two old ferries currently servicing Roscoff and Le Havre. This should allow it to compete more aggressively against Brittany Ferries, which operates a state-of-the art super-ferry on its Cork-Roscoff run.

There have been suggestions that ICG might reduce its debt, but gearing is expected to be just under 100 per cent at the end of October. However, But shipping companies tend to operate with high gearing, and with forecast interest cover of 3.5 times, it is under no immediate pressure.