London Daily

Focus on the big picture.
Friday, Aug 01, 2025

P&O Ferries owner reports record-breaking profits after mass sacking

P&O Ferries owner reports record-breaking profits after mass sacking

DP World called ‘corporate gangster’ after announcing half-year profits of £600m

The Dubai-based owner of P&O Ferries has been accused of behaving like “corporate gangsters” after celebrating record-breaking profits just months after sacking 800 of its UK-based workers without notice.

DP World, which is ultimately owned by the Dubai royal family, said in March that firing 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.

However, on Thursday Sultan Ahmed bin Sulayem, DP World’s chair and chief executive, announced the company had increased its first-half revenues by 60% to $7.9bn (£6.6bn) and profits had risen by more than 50% to a record $721m.

“We are delighted to report a record set of first-half results with … attributable earnings [profits] rising 51.8%,” he said in the company’s earning’s statement on Thursday. “Overall, the strong first-half performance leaves us well placed to deliver improved full year results.”

DP World did not give separate details on the performance of its ferries business in its results, but the bulk of revenues and profits come 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 the workers. At a Commons hearing in March, Peter Hebblethwaite, the boss of P&O, said the company had chosen to break the law and sack the 800 workers without notice or consultation because “no union could accept our proposals”.

The staff were told in video calls on the ships that it was their “final day of employment” and ordered off the ferries.

Hebblethwaite’s testimony prompted MPs to ask whether he was a “shameless criminal”, but he insisted he would “make this decision again”.

However, Hebblethwaite told an industry conference in May: “We have not conducted ourselves on the day, or since, in anything like the way that has been suggested of me and us.”

Frances O’Grady, the general secretary of the Trades Union Congress (TUC), on Thursday accused DP World of making “eye-watering profits … off the backs of P&O illegally sacking hundreds of dedicated staff”.

“DP World have been allowed to get away scot-free with behaving like corporate gangsters,” she said. “They are an insult to common decency.

“Ministers should have stripped DP world of all their lucrative public contracts and severed all commercial ties with the company.”

The TUC has written to the Insolvency Service, which is carrying out criminal and civil investigations into the company, saying its directors should be disqualified.

The Insolvency Service investigation is being watched closely by the government, which has said it is unable to take direct action against the directors of P&O Ferries despite the company admitting to breaking the law.

Boris Johnson had initially promised to take legal action in the courts against the company, but a week later it emerged that this was not the case, and that the government would instead rely on the Insolvency Service investigation.

Proposed legislation the government said would ensure P&O and other ferry operators pay seafarers the minimum wage was outlined during the Queen’s speech earlier in May. However, port operators and the TUC both cast doubt on whether the proposed laws would have any effect in practice.

When it announced the sackings P&O said it had “made a £100m loss year on year” which had been “covered by our parent DP World”.

“This is not sustainable,” the company said. “Our survival is dependent on making swift 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 trade collapsed during the pandemic. However, the government turned down the request for help after it was reported to have paid out £270m in dividends to investors.

At the time a DP World spokesperson said the £270m of dividends related “to a delisting process, which was announced pre-Covid-19 and which DP World is legally obliged to pay”.

Newsletter

Related Articles

0:00
0:00
Close
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
×