P O Ferries Owner Reports Record Profits After Massive Redundancies P O Ferries

DP World, ultimately owned by Dubai’s royal family, said in March that sacking 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business. But on Thursday Sultan Ahmed bin Sulayem, chairman and chief executive of DP World, announced that the company had increased first-half revenue by 60% to $7.9bn (£6.6bn) and profits had risen by more from 50% to $721. M. “We are pleased to report a record set of first half results with … deliverable earnings [profits] up 51.8%,” the company said in its earnings call on Thursday. “Overall, the strong first-half performance leaves us well-positioned to deliver improved full-year results.” DP World did not provide separate details on the performance of its ferry business in its results, but most of the revenue and profit came from other divisions. It operates ports in 78 countries on six continents, including London Gateway and Southampton, and bought P&O in 2006 for £3.3bn. DP World had told a parliamentary inquiry that P&O “had no future” unless it sacked workers. At a Commons hearing in March, Peter Hebblethwaite, the P&O boss, said the company chose to break the law and sack the 800 workers without warning or consultation because “no union could accept our proposals”. Staff were told in video calls to the ships that it was their “last day of employment” and ordered off the ships. Hamblethwaite’s testimony prompted MPs to question whether he was a “shameless criminal”, but he insisted he would “make this decision again”. However, Hebblethwaite told an industry conference in May: “We did not behave on that day or since, in anything similar to the way that has been suggested by me and us.” Frances O’Grady, the general secretary of the Trades Union Confederation (TUC), accused DP World on Thursday of making “stunning profits… off the back of P&O illegally sacking hundreds of dedicated staff”. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “DP World has been allowed to get away with not behaving like corporate gangsters,” he said. “It is an affront to common decency. “Ministers should have stripped the DP world of all their lucrative public contracts and severed all commercial links with the company.” The TUC has written to the Insolvency Service, which is conducting criminal and civil investigations into the company, saying its directors should be disqualified. The Insolvency Service’s investigation is being closely watched by the government, which has said it is unable to take immediate action against P&O Ferries’ directors, despite the company admitting it broke the law. Boris Johnson had initially promised to take legal action against the company, but a week later it emerged that was not happening and that the government would rely on the Insolvency Service’s investigation. The proposed legislation the government said would ensure P&O and other ferry operators pay seafarers the minimum wage outlined during the Queen’s Speech earlier in May. However, port operators and the TUC question whether the proposed laws would have any effect in practice. When it announced the redundancies, P&O said it “had a loss of £100m year-on-year”, which was “covered by our parent DP World”. “This is not sustainable,” the company said. “Our survival depends on making quick and significant changes now. Without these changes there is no future for P&O Ferries.” The company had asked the government for a £150m bailout after trading collapsed during the pandemic. However, the government rejected the request for help after it was reported to have paid out £270m in dividends to investors. At the time, a DP World spokesman said the £270m in dividends related to “a write-off process, which was announced prior to Covid-19 and which DP World is legally required to pay”.

title: “P O Ferries Owner Reports Record Profits After Massive Redundancies P O Ferries Klmat” ShowToc: true date: “2022-11-11” author: “Margie Madden”

DP World, ultimately owned by Dubai’s royal family, said in March that sacking 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business. But on Thursday Sultan Ahmed bin Sulayem, chairman and chief executive of DP World, announced that the company had increased first-half revenue by 60% to $7.9bn (£6.6bn) and profits had risen by more from 50% to $721. M. “We are pleased to report a record set of first half results with … deliverable earnings [profits] up 51.8%,” the company said in its earnings call on Thursday. “Overall, the strong first-half performance leaves us well-positioned to deliver improved full-year results.” DP World did not provide separate details on the performance of its ferry business in its results, but most of the revenue and profit came from other divisions. It operates ports in 78 countries on six continents, including London Gateway and Southampton, and bought P&O in 2006 for £3.3bn. DP World had told a parliamentary inquiry that P&O “had no future” unless it sacked workers. At a Commons hearing in March, Peter Hebblethwaite, the P&O boss, said the company chose to break the law and sack the 800 workers without warning or consultation because “no union could accept our proposals”. Staff were told in video calls to the ships that it was their “last day of employment” and ordered off the ships. Hamblethwaite’s testimony prompted MPs to question whether he was a “shameless criminal”, but he insisted he would “make this decision again”. However, Hebblethwaite told an industry conference in May: “We did not behave on that day or since, in anything similar to the way that has been suggested by me and us.” Frances O’Grady, the general secretary of the Trades Union Confederation (TUC), accused DP World on Thursday of making “stunning profits… off the back of P&O illegally sacking hundreds of dedicated staff”. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “DP World has been allowed to get away with not behaving like corporate gangsters,” he said. “It is an affront to common decency. “Ministers should have stripped the DP world of all their lucrative public contracts and severed all commercial links with the company.” The TUC has written to the Insolvency Service, which is conducting criminal and civil investigations into the company, saying its directors should be disqualified. The Insolvency Service’s investigation is being closely watched by the government, which has said it is unable to take immediate action against P&O Ferries’ directors, despite the company admitting it broke the law. Boris Johnson had initially promised to take legal action against the company, but a week later it emerged that was not happening and that the government would rely on the Insolvency Service’s investigation. The proposed legislation the government said would ensure P&O and other ferry operators pay seafarers the minimum wage outlined during the Queen’s Speech earlier in May. However, port operators and the TUC question whether the proposed laws would have any effect in practice. When it announced the redundancies, P&O said it “had a loss of £100m year-on-year”, which was “covered by our parent DP World”. “This is not sustainable,” the company said. “Our survival depends on making quick and significant changes now. Without these changes there is no future for P&O Ferries.” The company had asked the government for a £150m bailout after trading collapsed during the pandemic. However, the government rejected the request for help after it was reported to have paid out £270m in dividends to investors. At the time, a DP World spokesman said the £270m in dividends related to “a write-off process, which was announced prior to Covid-19 and which DP World is legally required to pay”.

title: “P O Ferries Owner Reports Record Profits After Massive Redundancies P O Ferries Klmat” ShowToc: true date: “2022-12-13” author: “Scott Staker”

DP World, ultimately owned by Dubai’s royal family, said in March that sacking 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business. But on Thursday Sultan Ahmed bin Sulayem, chairman and chief executive of DP World, announced that the company had increased first-half revenue by 60% to $7.9bn (£6.6bn) and profits had risen by more from 50% to $721. M. “We are pleased to report a record set of first half results with … deliverable earnings [profits] up 51.8%,” the company said in its earnings call on Thursday. “Overall, the strong first-half performance leaves us well-positioned to deliver improved full-year results.” DP World did not provide separate details on the performance of its ferry business in its results, but most of the revenue and profit came from other divisions. It operates ports in 78 countries on six continents, including London Gateway and Southampton, and bought P&O in 2006 for £3.3bn. DP World had told a parliamentary inquiry that P&O “had no future” unless it sacked workers. At a Commons hearing in March, Peter Hebblethwaite, the P&O boss, said the company chose to break the law and sack the 800 workers without warning or consultation because “no union could accept our proposals”. Staff were told in video calls to the ships that it was their “last day of employment” and ordered off the ships. Hamblethwaite’s testimony prompted MPs to question whether he was a “shameless criminal”, but he insisted he would “make this decision again”. However, Hebblethwaite told an industry conference in May: “We did not behave on that day or since, in anything similar to the way that has been suggested by me and us.” Frances O’Grady, the general secretary of the Trades Union Confederation (TUC), accused DP World on Thursday of making “stunning profits… off the back of P&O illegally sacking hundreds of dedicated staff”. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “DP World has been allowed to get away with not behaving like corporate gangsters,” he said. “It is an affront to common decency. “Ministers should have stripped the DP world of all their lucrative public contracts and severed all commercial links with the company.” The TUC has written to the Insolvency Service, which is conducting criminal and civil investigations into the company, saying its directors should be disqualified. The Insolvency Service’s investigation is being closely watched by the government, which has said it is unable to take immediate action against P&O Ferries’ directors, despite the company admitting it broke the law. Boris Johnson had initially promised to take legal action against the company, but a week later it emerged that was not happening and that the government would rely on the Insolvency Service’s investigation. The proposed legislation the government said would ensure P&O and other ferry operators pay seafarers the minimum wage outlined during the Queen’s Speech earlier in May. However, port operators and the TUC question whether the proposed laws would have any effect in practice. When it announced the redundancies, P&O said it “had a loss of £100m year-on-year”, which was “covered by our parent DP World”. “This is not sustainable,” the company said. “Our survival depends on making quick and significant changes now. Without these changes there is no future for P&O Ferries.” The company had asked the government for a £150m bailout after trading collapsed during the pandemic. However, the government rejected the request for help after it was reported to have paid out £270m in dividends to investors. At the time, a DP World spokesman said the £270m in dividends related to “a write-off process, which was announced prior to Covid-19 and which DP World is legally required to pay”.

title: “P O Ferries Owner Reports Record Profits After Massive Redundancies P O Ferries Klmat” ShowToc: true date: “2022-12-04” author: “Hope Alvarez”

DP World, ultimately owned by Dubai’s royal family, said in March that sacking 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business. But on Thursday Sultan Ahmed bin Sulayem, chairman and chief executive of DP World, announced that the company had increased first-half revenue by 60% to $7.9bn (£6.6bn) and profits had risen by more from 50% to $721. M. “We are pleased to report a record set of first half results with … deliverable earnings [profits] up 51.8%,” the company said in its earnings call on Thursday. “Overall, the strong first-half performance leaves us well-positioned to deliver improved full-year results.” DP World did not provide separate details on the performance of its ferry business in its results, but most of the revenue and profit came from other divisions. It operates ports in 78 countries on six continents, including London Gateway and Southampton, and bought P&O in 2006 for £3.3bn. DP World had told a parliamentary inquiry that P&O “had no future” unless it sacked workers. At a Commons hearing in March, Peter Hebblethwaite, the P&O boss, said the company chose to break the law and sack the 800 workers without warning or consultation because “no union could accept our proposals”. Staff were told in video calls to the ships that it was their “last day of employment” and ordered off the ships. Hamblethwaite’s testimony prompted MPs to question whether he was a “shameless criminal”, but he insisted he would “make this decision again”. However, Hebblethwaite told an industry conference in May: “We did not behave on that day or since, in anything similar to the way that has been suggested by me and us.” Frances O’Grady, the general secretary of the Trades Union Confederation (TUC), accused DP World on Thursday of making “stunning profits… off the back of P&O illegally sacking hundreds of dedicated staff”. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “DP World has been allowed to get away with not behaving like corporate gangsters,” he said. “It is an affront to common decency. “Ministers should have stripped the DP world of all their lucrative public contracts and severed all commercial links with the company.” The TUC has written to the Insolvency Service, which is conducting criminal and civil investigations into the company, saying its directors should be disqualified. The Insolvency Service’s investigation is being closely watched by the government, which has said it is unable to take immediate action against P&O Ferries’ directors, despite the company admitting it broke the law. Boris Johnson had initially promised to take legal action against the company, but a week later it emerged that was not happening and that the government would rely on the Insolvency Service’s investigation. The proposed legislation the government said would ensure P&O and other ferry operators pay seafarers the minimum wage outlined during the Queen’s Speech earlier in May. However, port operators and the TUC question whether the proposed laws would have any effect in practice. When it announced the redundancies, P&O said it “had a loss of £100m year-on-year”, which was “covered by our parent DP World”. “This is not sustainable,” the company said. “Our survival depends on making quick and significant changes now. Without these changes there is no future for P&O Ferries.” The company had asked the government for a £150m bailout after trading collapsed during the pandemic. However, the government rejected the request for help after it was reported to have paid out £270m in dividends to investors. At the time, a DP World spokesman said the £270m in dividends related to “a write-off process, which was announced prior to Covid-19 and which DP World is legally required to pay”.

title: “P O Ferries Owner Reports Record Profits After Massive Redundancies P O Ferries Klmat” ShowToc: true date: “2022-11-20” author: “Amanda Lindsay”

DP World, ultimately owned by Dubai’s royal family, said in March that sacking 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business. But on Thursday Sultan Ahmed bin Sulayem, chairman and chief executive of DP World, announced that the company had increased first-half revenue by 60% to $7.9bn (£6.6bn) and profits had risen by more from 50% to $721. M. “We are pleased to report a record set of first half results with … deliverable earnings [profits] up 51.8%,” the company said in its earnings call on Thursday. “Overall, the strong first-half performance leaves us well-positioned to deliver improved full-year results.” DP World did not provide separate details on the performance of its ferry business in its results, but most of the revenue and profit came from other divisions. It operates ports in 78 countries on six continents, including London Gateway and Southampton, and bought P&O in 2006 for £3.3bn. DP World had told a parliamentary inquiry that P&O “had no future” unless it sacked workers. At a Commons hearing in March, Peter Hebblethwaite, the P&O boss, said the company chose to break the law and sack the 800 workers without warning or consultation because “no union could accept our proposals”. Staff were told in video calls to the ships that it was their “last day of employment” and ordered off the ships. Hamblethwaite’s testimony prompted MPs to question whether he was a “shameless criminal”, but he insisted he would “make this decision again”. However, Hebblethwaite told an industry conference in May: “We did not behave on that day or since, in anything similar to the way that has been suggested by me and us.” Frances O’Grady, the general secretary of the Trades Union Confederation (TUC), accused DP World on Thursday of making “stunning profits… off the back of P&O illegally sacking hundreds of dedicated staff”. Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. “DP World has been allowed to get away with not behaving like corporate gangsters,” he said. “It is an affront to common decency. “Ministers should have stripped the DP world of all their lucrative public contracts and severed all commercial links with the company.” The TUC has written to the Insolvency Service, which is conducting criminal and civil investigations into the company, saying its directors should be disqualified. The Insolvency Service’s investigation is being closely watched by the government, which has said it is unable to take immediate action against P&O Ferries’ directors, despite the company admitting it broke the law. Boris Johnson had initially promised to take legal action against the company, but a week later it emerged that was not happening and that the government would rely on the Insolvency Service’s investigation. The proposed legislation the government said would ensure P&O and other ferry operators pay seafarers the minimum wage outlined during the Queen’s Speech earlier in May. However, port operators and the TUC question whether the proposed laws would have any effect in practice. When it announced the redundancies, P&O said it “had a loss of £100m year-on-year”, which was “covered by our parent DP World”. “This is not sustainable,” the company said. “Our survival depends on making quick and significant changes now. Without these changes there is no future for P&O Ferries.” The company had asked the government for a £150m bailout after trading collapsed during the pandemic. However, the government rejected the request for help after it was reported to have paid out £270m in dividends to investors. At the time, a DP World spokesman said the £270m in dividends related to “a write-off process, which was announced prior to Covid-19 and which DP World is legally required to pay”.