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P&O demands Calais pay-out
Page 10
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P&O is running in the red — but the ferry company is demanding E 1 Om compensation for the Calais berthing crisis. Sally Nash reports.
P&O IS DEMANDING flOm from the Calais Chamber of Commerce as compensation for weeks of disruption to ferry services earlier this year.
P&O's interim results show an underlying loss of £16.6m compared with a £19.9m loss for the same time last year. This result includes the Ferrymasters business, which reported a profit of £1.1 million (£400,000 last year).
P&O blames the poor results on the disruption at Calais caused by a lack of berthing capacity — this cut sailings on the Dover-Calais route by 14 %.
SeaFrance plans to claim more than £7m compensation for lost productivity (CM 21 April). However, P&O says changes to working practices and new manning arrangements in its ferry operation means it is on track to improve its profits by I:50m a year from 2006. Changes include the closure of the Portsmouth-Le Havre route at the end of September. Lower revenues on the main Dover-Calais route were offset by an increase on other routes, according to P&O.
Freight volumes generally held up well on the short sea routes, despite the Calais disruption and reduced capacity, and they increased on other routes.
P&O chief executive Robert Woods says: "The fundamental business review of ferries is on track to deliver the level of savings anticipated."
At group level. P&O reported a 12% fall in underlying profits to £111.5m; it was recently given the green light to develop a £1.4bn London Gateway logistics and business park in Essex.