SPIRIT OF BRITAIN, one of P&O's Dover-based fleet. Photo © Gary Davis

Lower costs boost P&O Ferries profits

FerryIncreasing passenger numbers and freight volumes helped P&O Ferries boost profits tenfold to MGBP 26.8 according to newly released accounts for 2015, a year in which Dover-Calais route rival the Eurotunnel-owned MyFerryLink went out of business leaving DFDS Seaways as the only English Channel competitor.

A P&O spokesman said: "We always said we don't mind competition so long as it's fair. The business has really turned round compared with previous years and we are very much looking forward to building on that performance this year."

P&O, who did not seriously enter the ferry market until the 1960s, also operate on the North Sea and Irish Sea as well as road transport across Europe through its Ferrymasters logistics division. Although sales of MGBP 936 in the year to 31 December 2015 were slightly down on 2014, lower costs and expenses meant pre-tax profits soared from MGBP 2.2 to MGBP 26.8.

Oct 17 2016