Shares in DFDS fell 1% despite revealing its best-ever first quarter result as revenues increased 4% in the opening three months of the year.

The Danish ferry company, which runs services from Dover to Calais and Dunkirk, increased pre-tax profits by 10% to DKK173 million (£19.6m) thanks to strong freight performance.

However it had slightly weaker UK passenger numbers due to the late Easter.

Its share price has fallen 10% from a high of more than DKK415 (£47.09) at the start of the month to DKK372 (£42.21).

Revenues grew to DKK3.2 billion (£363 million) as freight volumes and UK trade to the continental continues to grow.

The company reported a 10% increase in shipments on its North Sea freight routes and a 3% rise in freight on its cross-Channel routes from Dover to France.

Earnings before interest, taxes and other charges were up 2.3% to DKK414 million (£47m).

Kasper Moos, vice president for DFDS in the UK, said: “We continue to deliver solid results despite challenging market conditions and we’re delighted to have recorded our best-ever first quarter.

“Our continuous improvement is driven by hard work, an intense focus on the needs of our customers and our efficient operating model, as well as major investment programmes to improve the experience for customers in the freight and passenger sectors.

“We’ll continue to invest in our digital capabilities and work to grow our business and we’re looking forward to adding two new-build ro-ro ships to our North Sea fleet later this year.”