Shares in shipping group Irish Continental have fallen sharply after the group's a.g.m. yesterday was told that its results would be affected by the outbreak of foot-and-mouth in the UK and Ireland. ICG shares fell 53 cents to €5.57, although trading volumes were small.

Chairman Mr Tom Toner said that in the first three months of its trading year from November to January, ICG had increased car numbers on its ferries by 5.9 per cent while freight volumes were up 6.7 per cent. But a falloff in business since then has meant the growth in cars and passengers is just 0.8 per cent while ro-ro freight volumes are ahead 4.5 per cent.

But Mr Toner said: "We are of the view that notwithstanding the adverse impact such a development as foot-and-mouth has had . . . we in ICG have the correct infrastructure in place to take advantage of the recovery which will undoubtedly follow."