From Isle of Wight County Press today:

Questions continue to be asked about the finances of Red Funnel after the Isle of Wight ferry firm shortened its accounting reference period for 2022/2023, by one day. It is the third time in two years the company has filed for what is colloquially known as a ‘one day diddle’.

It means the cross-Solent operator has yet to publish its financial results for the 2022/2023 financial year. Red Funnel failed to respond to the County Press’s questions, asking why it had shortened the date. _{https://www.countypress.co.uk/news/24833333.isle-wight-ferry-firm-red-funnel-questioned-accounting-change/}

Why might they do that? The Press offers:

According to data intelligence company Red Flag Alert, a company might change its accounting period if it wants to “align accounting dates with other companies in the same group — or to move it to a quieter trading time of year to help with staff workloads.”

A reader, commenting below has a different idea:

John R

1 hr ago

I believe that the accounts were quite good up until for some reason ABP sold the company some years ago and since then it has been sold numerous times with everyone taking a large cut out of the dividends.

See these JR‘s? Trouble.

Is he right to be suspicious?

In September 2024, below a bullish media report by the Red Funnel CE, readers do not share her views and write:

Eatmyshorts

 3 months ago

If there has ever been a truer story of stealing a living Fran is up there with the best. If I had her run my company the way she runs RF she would have been sacked years ago. She’s incompetent in the job she does now and in her previous position. The stats say everything. I wouldn’t trust a word that comes from her mouth. She’s had to come out with this statement to attract investors. Unfortunately for her the ship has well and truly sailed. RF will be sold off with in the next year. I have no doubts in that and she will try and cling onto her job for dear life.

bembridge barnie

 3 months ago

Perhaps the chief exec could consider giving up her huge bonus and put it towards some staff, save on cancellations.

Marcus

 3 months ago

Why is this individual being paid bonuses when the core purpose of the company – to provide ferry services – is failing so badly on an every day basis? I hope the company goes bust and it is taken into public sector ownership so it can be run on a not for profit basis thereby reducing the prices and encouraging visitors to the Island who will spend money here.

CalMac has no shareholders. We own it and any profits are ploughed back in to the service.