Overview

• P&O Ferries incurred a £91.4 million pre-tax loss in 2023, narrowing from a £246 million deficit the year before.
• Chief executive Peter Hebblethwaite’s total pay climbed to £683,000, marking at least a 55% increase on his 2022 remuneration.
• The company’s 2023 accounts were filed nine months late and audited by Just Audit & Assurance after KPMG resigned earlier this year.
• DP World has underwritten P&O’s continued losses with a letter of support and P&O is not currently repaying interest on its £295 million loan.
• New UK and French minimum-wage laws for cross-Channel seafarers are set to raise P&O’s operating costs from 2024 onward.