FERRY and ports group P&O has offered little hope of an upturn in its fortunes for the full year but says it will make "strategic progress" in restructuring.

In a trading update ahead of its close period, it said preliminary results next March would show that overall trading remained consistent with guidance it gave for the third quarter.

The company said last month that a fall in tourist travel in the first half had continued to affect passenger numbers on its key Dover-Calais route between July and September.

Growth in container volumes in its ports business remained strong at 24 per cent, but its cold logistics business, which moves fruit, meat and other fresh foodstuffs, continued to experience competitive pressure in the US.

P&O said it would use the final results announcement to highlight recent strategic progress made in the group.

That would include plans already announced to expand its ports business, further restructure the ferries operation and complete P&O's exit from bulk shipping, announced earlier this week.

Besides Dover-Calais, P&O's ferries business includes routes in the North Sea, Irish Sea and the western part of the English Channel.

P&O said last month that third quarter passenger carryings were significantly down and numbers of cars and coaches on Dover-Calais were weak, down to 532,000 from 549,000 in the same quarter last year.

Overall, container throughput grew to just under three million from 2.4 million.

P&O said it had completed its exit from bulk shipping by selling its remaining 50 per cent interest in Associated Bulk Carriers to its partner Eurotower Holdings for £38 million.

In September, the group said operating profits in the first six months of the year more than doubled to £45.1 million while pre-tax profits were £3.3 million against losses of £44.2 million last time.