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P&O Ferries’ parent DP World reports record-breaking profits

DP World, the parent of P&O Ferries, has reported record profits for the period in which the ferry firm dismissed 786 seafarers without notice.

The ferry operator replaced the staff in March with agency workers on lower rates of pay, sparking widespread condemnation from politicians, unions and travellers.

P&O Ferries’ chief executive, Peter Hebblethwaite, later told a committee of MPs that the company knew it was breaking the law by not consulting before the redundancies.

Dubai-based DP World has reported its profit for the first half of 2022 was a record $721 million, up 52% year-on-year. Revenues rose 60% to $7.9 billion.

The company did not give separate details on the performance of its ferries business in its results.

News about the DP World profits came ahead of an Insolvency Service announcement on Friday (August 19) that there will not be criminal proceedings about the redundancies.

A spokesperson for the Insolvency Service said: “After a full and robust criminal investigation into the circumstances surrounding the employees who were made redundant by P&O Ferries, we have concluded that we will not commence criminal proceedings.”

The criminal investigation was reviewed by an independent senior prosecution lawyer, in accordance with the Code for Crown Prosecutors, who concluded there was no realistic prospect of a conviction.

The statement said a civil investigation by the Insolvency Service is ongoing.

In response to the DP World results, transport secretary Grant Shapps told Sky News that P&O Ferries’ seafarers should be paid at least the minimum wage – and repeated his call for Hebblethwaite to resign.

Frances O’Grady, general secretary of the Trades Union Congress, also commented on the profits from DP World saying: “They are an insult to common decency.”

Sultan Ahmed Bin Sulayem, DP World Group chairman and chief executive, said: The strong first half performance leaves us well placed to deliver improved full-year results.

“However, the near-term outlook remains uncertain due to the more challenging macro and geopolitical environment.”

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