Displaying items by tag: Profits

13th April 2024

Profits at P&O Ferrymasters in Larne Port Recorded £11.1m in Year Parent Company Sacked 800 Staff & Crew

In Larne Port, Co.Antrim, P&O Ferrymasters recorded a pre-tax profit of £11.1 million in results for the year in which its parent company, P&O Ferries, fired 800 workers across the UK and Ireland, the Belfast Telegraph reveals.

According to accounts for 2022, which were filed at Companies House last month by P&O Ferrymasters, the harbour town that connects Cairnryan, Scotland, had a strong financial performance. This took place just as its parent ferry company fired the existing workforce in order to hire other workers based on poorer terms.

The road and rail transport operations of P&O Ferrymasters are to be found internationally, as well as freight management within Europe.

Both North Channel ports of Larne and Cairnryan are part of the P&O Ferries group and are owned by Dubai-headquartered conglomerate DP World, which hit the headlines in March 2022 when a P&O Ferries official delivered a video message. This was issued to staff and crew, informing them their jobs were ending with immediate effect.

The mass sacking affected 800 people in total, including dozens of workers on the Larne-Cairnryan route who held protests at the north-east harbour over the actions of their former employer.

Shannon Foynes Port Information

Shannon Foynes Port (SFPC) are investing in an unprecedented expansion at its general cargo terminal, Foynes, adding over two-thirds the size of its existing area. In the latest phase of a €64 million investment programme, SFPC is investing over €20 million in enabling works alone to convert 83 acres on the east side of the existing port into a landbank for marine-related industry, port-centric logistics and associated infrastructure. The project, which will be developed on a phased basis over the next five years, will require the biggest infrastructure works programme ever undertaken at the port, with the entire 83 acre landbank having to be raised by 4.4 metres. The programme will also require the provision of new internal roads and multiple bridge access as well as roundabout access.