Detail on P&O's financial history was revealed in accounts filed 11 months late and seen by Sky News.
P&O Ferries spent more than £47m summarily sacking hundreds of seafarers in 2022, helping it cut losses by more than £125m and putting it on a path to profitability, according to accounts due to be published in the coming days. The dismissal of 786 mainly British seafarers, and their replacement with largely non-European agency staff earning as little as £4.
'The group believes that the transformational actions that commenced in 2022 and continue through into 2024 will equip the business to grow profitably when demand rises in the coming years.' Read more:Boss admits he couldn't live on wage his staff are paidFury as firm behind sackings given major freeport role Brexit and COVID financial distress The accounts reveal the financial distress in which P&O found itself in 2022.
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