The Dubai-based group that owns P&O Ferries reported document revenue within the first half of the 12 months, a interval when the UK firm attracted sharp criticism for sacking practically 800 crew to economize.
DP World mentioned revenue climbed 52 per cent to $721mn within the six months to the top of June, due to a robust efficiency from its cargo enterprise.
The outcomes, launched on Thursday, didn’t escape figures for P&O Ferries, which triggered a political firestorm after it ordered ships again to port to sack practically 800 UK-based crew and substitute them with cheaper company workers on March 17.
P&O changed the sacked sailors with workers on extra versatile contracts on a mean of £5.50 per hour, effectively beneath the UK’s minimal wage however authorized as a result of the crew work offshore.
Frances O’Grady, head of the TUC union organisation, mentioned DP World’s document outcomes had been “an insult to frequent decency”.
The federal government strongly criticised P&O’s actions and the Insolvency Service opened a prison probe into the sackings of workers. However ministers had been unable to power P&O to reinstate its former staff.
P&O’s administration justified their actions by arguing that the corporate would go bust and not using a new enterprise mannequin, and that the choice, which was taken with out consulting workers or unions, was the one method to save the enterprise.
Accounts filed within the UK confirmed P&O Ferries misplaced a mixed £200mn in 2020 and 2021.
Sultan Ahmed bin Sulayem, the chair and chief government of DP World, informed the Monetary Instances in Could that P&O’s administration had carried out an “wonderful job” in restructuring the UK firm.
Sulayem mentioned the choice had been taken by the P&O board with out enter from its Dubai mum or dad, and the transfer couldn’t be reversed.
“The choice [the P&O board] made was their choice . . . I personally really feel they had been caught with a option to make . . . I informed them the choice was theirs . . . and we didn’t intrude and inform them what to do,” he mentioned.
DP World itself is a big investor within the UK, together with operating the nation’s second-biggest delivery terminal in Southampton and third-biggest in London.
The corporate on Thursday mentioned it was “constructive” on its “capability to proceed to ship sustainable returns”, however warned the outlook for the second half of the 12 months was unsure as a result of weakening financial outlook.