The figure is revealed in the company's unaudited first quarter results for 1999 just published.

During the first three months, typically the slowest quarter of the year for tourist traffic, the company turned in an operating profit of £8.5 million.

The total tourist market was fairly flat compared to the same period in 1998. However the line saw much firmer pricing, with rates increasing significantly.

Atotal of 2,212,000 passengers were carried representing 36 per cent of the total cross channel market.

In addition 370,000 cars and coaches, as well as 289,000 lorries, were transported on the company's ferries amounting to 29 per cent and 50 per cent of the market respectively.

Total freight volume in the market continued to increase and was particularly noticeable in P&O Stena Lines's carryings, the company said.

Prices announced last autumn were introduced on 1 January 1999 and have been applied across the board.

While hoping for further political discussion about a possible extension of duty and VAT free sales, due to end on June 30 this year, the company said it was basing its future plans on the assumption that the concession will be abolished.

The board said: "The medium and longer term outlook is highly positive.

"Prices are continuing to increase and volumes are growing with increase European Union trade and leisure spending."

As the company did not start trading until March 10 1998, it is not possible for it to give comparable figures for previous years.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.