Latest news with #P&OFerries
Times
04-07-2025
- Business
- Times
P&O chief took pay rise in year after sacking 800 workers
The remuneration of the chief executive of P&O Ferries increased in the year after the sacking of almost 800 mainly British workers, accounts Hebblethwaite received £715,000 from the Dubai-owned group in 2023 despite heavy losses, a row over workers being paid less than the UK minimum wage and claims he made before parliament that he was being paid substantially latest available accounts for P&O Ferries for the year to the end of December 2023, posted months late at Companies House, show that the company, best known for its operations on the crossing between Dover and Calais, lost £97 million on top of the £249 million it was in deficit in 2022. • Boris Johnson backs calls for P&O Ferries boss to quit The accounts also show that Hebblethwaite, 54, was paid £683,000 in the year, plus £32,000 of company-paid contributions into his pension pot. That is substantially more than the £440,000 paid to his predecessor in the job and more than the amount he disclosed to the business and trade select committee of the House of Commons. He told MPs who were questioning him about the mass dismissal in March 2022 that he was on a salary of £325,000 and that he had received a bonus of £183,000, a payment that he recognised would be seen as controversial. At that testy hearing Hebblethwaite was accused of being 'a pirate' who was 'robbing staff blind' after the decision to sack nearly 800 mainly British workers and put the remaining workforce on international seafarer agency contracts not covered by the UK's national minimum wage laws under which pay started at £5.20 an hour. At the time the national minimum wage in the UK was £11.44 an hour. P&O Ferries has been owned since 2006 by the Dubai royal family led by Sheikh Mohammed bin Rashid al-Maktoum, best known in the UK for his extensive bloodstock and horseracing interests. P&O Ferries is now part of Dubai Ports World, whose other interests in the UK include the London Gateway port on the Thames and the port of Southampton. In a statement, P&O Ferries said: 'These results show the progress we're making in transforming the business. Losses are down and financial performance is improving. Our focus on high-quality experience is driving growth across both tourism and freight, with more people choosing to travel with us and satisfaction scores rising. We're matching capacity to meet demand, and continue to invest in greener, more efficient vessels.'
ITV News
03-07-2025
- Business
- ITV News
Pay jumps 55% for P&O boss as ferry company posts loss of £91 million
The earnings of the boss of P&O Ferries soared in 2023, a year in which the company continued to be heavily loss-making. The much-delayed annual accounts have been filed to Companies House and will soon be published, but have been seen by ITV News and the Guardian. The accounts show that P&O lost £91.4 million before tax during 2023, down from £246 million the year before. Peter Hebblethwaite, the chief executive, was paid £683,000 - representing an increase of at least 55% on the earnings of P&O's highest-paid director in 2022. The rise in Hebblethwaite's pay is likely to fuel renewed anger, coming just a year after P&O sacked 786 crew without notice and replaced them with cheaper agency workers paid as little as £4.87 an hour. The financial accounts of P&O Ferries Division Holdings Limited show Hebblethwaite's earnings were higher than the amounts he disclosed to MPs last May. Hebblethwaite told the Business and Trade parliamentary select committee that he earned a £325,000 salary, plus a bonus of £183,000 for 2023. During his appearance, MPs asked if he was 'a pirate' who appeared to be 'robbing staff blind'. Hebblethwaite told MPs: 'I reflected on accepting that [bonus]. But ultimately I did decide to accept it.' He added: 'I do recognise it is not a decision that everyone would have made." P&O Ferries sacked its mainly British crews in March 2022 in order to cut its costs and avoid bankruptcy, but the company still lost money in 2023. In a note, accompanying the accounts, P&O's directors say the company 'has been on a transformational journey, as it has progressed its recovery from the challenges of the global Covid-19 pandemic, Brexit and the impact of the disruption caused by the change in the crewing model.' The company carried 4.5 million passengers in 2023, an increase on the year before when its service was disrupted by the sackings and the subsequent detention of some of its ships by the authorities. In 2019, P&O carried 7.7 million passengers. Freight volumes also remain well below pre-pandemic levels. The accounts state that P&O 'is not seeing the [freight] market growth it had previously predicted' and says 'recessionary pressures' are in part to blame. In adversity, P&O Ferries continues to rely on its owner, DP World, to stay in business. DP World - a company from Dubai that runs ports and shipping terminals around the world - has provided a letter of support, indicating a willingness to continue to fund P&O's losses. P&O is not currently repaying interest on a £295 million loan from DP World - instead the debt is accumulating. And there has been a sharp increase of lease liabilities to £241 million in 2023, compared with £14.5 million the previous year. P&O's accounts are nine months late, prompting MPs to question the company's viability, and are signed off by Just Audit & Assurance - a tiny four-person audit-firm that replaced KPMG, the accounting giant that resigned in March. The accounts were already overdue when Just Audit & Assurance were appointed. 'These delayed accounts are still incomplete. They also suggest P&O Ferries is in deep financial trouble,' said Professor Atul Shah of City University. He added: 'As a Limited Liability company which is of significant public interest to Britain, P&O Ferries can only continue trading because DP World is willing to underwrite its still considerable losses. That is a highly precarious situation to be in for most stakeholders.' Despite ongoing losses, P&O maintains that it is on a path to recovery, but its wage bill will have risen significantly in 2024. A change in the law in France and the UK now compels all ferry operators to pay the minimum wage to crews on the cross-channel routes. In its accounts, P&O says, 'We are unequivocally committed to adhering to the legal requirements of applicable national and international laws.' A spokesperson for P&O Ferries said: 'These results show the progress we're making in transforming the business. Losses are down and financial performance is improving. "Our focus on high-quality experience is driving growth across both tourism and freight, with more people choosing to travel with us and satisfaction scores rising. We're matching capacity to meet demand, and continue to invest in greener, more efficient vessels. 'Our accounts are prepared in accordance with relevant accounting standards and subject to independent audit in line with auditing standards.'
Campaign ME
26-06-2025
- Business
- Campaign ME
P&O Ferries, Impact BBDO launch ‘Travel without the travel' campaign
P&O Ferries has launch its latest brand campaign, Travel Without the Travel, in partnership with Impact BBDO, aimed at emotionally re-engaging consumers and expanding market share — particularly among a younger, more adventurous demographic. The new campaign is grounded in the insight that emotional storytelling significantly outperforms rational messaging — by a factor of 2.5 to 1. This evolution moves beyond the functional comparisons of the previous campaign, There Is Another Way, to build deeper affection for sea travel and the unique P&O Ferries experience. Commenting on the strategic thought behind the campaign, Jordan Hewitt, Director of Brand and Marketing at P&O Ferries, said, 'Consumers increasingly tell us that travel frustrations can shape their entire journey. A recent YouGov survey found that 82 per cent of respondents are drawn to travel experiences that let them relax, enjoy quality food and entertainment, move around freely, and even bring their pets – all while getting to their destination.' Hewitt added, 'Our new campaign highlights how travel with P&O Ferries naturally delivers on these needs. We are redefining the journey itself by offering a seamless and enjoyable experience. With a media-first approach, the campaign is designed to connect with a younger audience and show how ferry travel feels less like a journey and more like part of a holiday.' This new direction is steered by a deep understanding of evolving consumer needs and a strategic vision for growth. There is a clear and growing desire for ease, certainty, and genuine enjoyment. This insight presents a significant opportunity to refresh the brand and attract millions of regular travellers who may not otherwise consider ferry travel. Creative approach to the P&O Ferries campaign Through this campaign, P&O Ferries aims to demonstrate how it is uniquely placed to offer a pleasurable travel experience that meets these evolving needs. It's a journey where passengers can leave their worries behind and rediscover what travel can feel like. The core message is clear: P&O travel is feel-good travel, where 'good vibes come as standard.' This approach aims to connect meaningfully with younger audiences, showing them that ferry travel isn't just transport — it's a relaxing part of the holiday itself. Ali Rez, Chief Creative Officer at IMPACT BBDO for the Middle East, North Africa and Pakistan, said, 'In a world saturated with transactional travel offers, we set out to craft an experience-led narrative for P&O Ferries. 'Travel Without the Travel' is not just a tagline; it's an invitation to rediscover the joy of the journey itself.' Rez added, 'Our creative ambition was to evoke genuine emotion and resonate deeply with an audience craving effortless, enjoyable adventures, positioning P&O Ferries as the ultimate choice for mindful travel.' This innovative platform invites people to view travel differently. With P&O Ferries, the journey becomes an integral part of the holiday — not just a means to an end. It suggests you can enjoy all the things you love on land — great food, good company, space to relax, and the ability to bring pets — with spectacular sea views. It fundamentally reframes the travel experience, making it feel effortless and enjoyable. It delivers travel without the stress, offering maximum enjoyment and minimal hassle for all generations seeking easy escapes. Andrew Peacock, General Manager at IMPACT BBDO, added, 'This campaign represents a pivotal moment for P&O Ferries, shifting from a comparative dialogue to a powerful emotional story. Our strategic partnership with P&O Ferries has focused on tapping into a universal desire for stress-free travel, allowing us to build a campaign that will not only attract a new generation of travellers but also re-establish P&O Ferries as the preferred choice for truly enjoyable journeys. It's about building long-term brand affinity, not just short-term transactions.' CREDITS: Client: P&O Ferries Agency: Impact BBDO
Yahoo
13-06-2025
- Business
- Yahoo
P&O Ferries hires four-man firm after accounting fiasco
P&O Ferries has hired a four-person accountancy firm as its auditor after KPMG quit the account abruptly this year. Just Audit & Assurance, which describes itself as 'a specialist firm created to address the specialist needs of the smaller company and charity audits', will audit the ferry operator's accounts, which are overdue. Experts said the decision to appoint such a small auditor raised potential concerns over the financial health and governance standards of P&O Ferries. Atul Shah, a professor of accounting at City St George's, University of London, said: 'This is pure and simple opinion shopping, something which a public interest and regulated profession should strongly and publicly reprimand.' Notably, large corporations almost always use larger and more established firms to audit their accounts owing to the complexity of the work involved and the scale of the work required. Just Audit & Assurance, is based in Witney, Oxfordshire, and has just two partners and a total of four staff, according to Companies House filings. Of all the companies listed on the FTSE 100 index, just one used an accountancy firm outside of the 'big four' – Deloitte, EY, KPMG and PwC – to audit their accounts last year, Financial Reporting Council data show. P&O Ferries, which is owned by the Dubai-based ports and logistics giant DP World, was already months late in filing its financial statements for 2023 when KPMG quit as auditor in March, having worked with the company since 2007. Commenting on its resignation at the time, KPMG said it was 'not possible to complete an audit of the 2023 accounts to the required standard within management's desired timetable'. In a letter outlining its decision, KPMG said it believed it would be unable to audit the accounts in a timely manner as 'some of the drivers of that delay remain'. It comes following a torrid few years for P&O Ferries after it was attacked for sacking almost 800 seafarers via text message and replacing them with cheaper staff. Peter Hebblethwaite, P&O's chief executive, later admitted that he deliberately chose to ignore trade unions during the process, leading Labour to introduce legislation to protect jobs and wages in the maritime sector. Last year, the company's owner DP World clashed with the Government after Louise Haigh, the former transport secretary, called it a 'rogue operator'. Sir Keir Starmer disowned Ms Haigh's comments, declaring they were 'not the view of the Government', after DP World pulled out of a Labour-backed investment summit. Jonathan Russell, partner at Audit & Assurance said: 'Just because we're a small audit firm, it doesn't mean we'll do an inferior job.' He said he expects to charge lower fees than KPMG, at about £265,000. He said that alongside his four full-time employees, he also has access to 35 freelancers. P&O Ferries and KPMG declined to comment. Sign in to access your portfolio
ITV News
05-06-2025
- Business
- ITV News
MPs demand proof that P&O Ferries is a viable business
MPs are questioning whether P&O Ferries can stay afloat despite a written assurance from the company that it has enough money to keep trading. Last month, Liam Byrne, chair of the Business and Trade Select Committee, wrote to P&O's chief executive after the company missed a legal deadline to file its accounts and its auditor, KPMG, suddenly resigned. P&O's Ferries Holdings Limited 2023 accounts are now eight months overdue - the third year in a row it has filed late. In a written response, published this morning, the boss of P&O, Peter Hebblethwaite, blamed the delay on 'a period of transformation and restructuring' and said the accounts would be published 'by early July 2025'. He added: 'P&O Ferries is a going concern, with the full backing of DP World' - the Dubai-based, global ports operator that owns P&O. Failure to report accounts on time is a criminal offence and it leaves investors, creditors, suppliers, staff and customers guessing at a company's financial health. Liam Byrne says the committee wants greater proof P&O is a viable business. 'It's good that finally P&O have come clean and said yes, they are a going concern,' Bryne told ITV News. 'But I'm asking for something simple: I want the accounts to prove it and I want the guarantees in writing from their parent company and I want those on the table. Now.' Chair of the Business and Trade Committee, Liam Byrne MP tells ITV News he wants to see P&O Ferries' accounts. P&O Ferries has been heavily loss-making in recent years. In March 2022, the company fired 800 staff in the UK, without notice, and replaced them with cheaper agency workers in order to cut costs and avoid bankruptcy. P&O's accounts for 2022, which were submitted 13 months late, showed the company had borrowed more than £300 million from its parent company, DP World, in order to continue trading. The same accounts showed that P&O was struggling to repay the money it owed and was 'in breach of covenants with respect to its external debt'. MPs are demanding to know exactly how much financial help P&O Ferries is getting from DP World, on what terms and whether the support is enough to keep the business going. They have given the company until 16th June to offer clarity. 'P&O is not being transparent,' says Byrne. 'We are completely open to recalling P&O to give a better account of themselves in front of the House of Commons. This company is too important for it to go wrong. Too much is at stake and, frankly, this saga has been going on for too long.' P&O Ferries declined our request for comment.
