Professor John Robertson OBA

From Isle of Wight County Press, three days ago:

The parent company of the Isle of Wight’s Red Funnel has seen its profitability drop by more than 20 per cent, latest figures show, but the boss of the ferry firm has once again quashed “incorrect” talk of administration. Accounts for 2023 for Southampton Isle of Wight and South of England Royal Mail Steam Packet Company (SIOW), trading as Red Funnel, have now been published.

In the year ending December 2023, the accounts show that SIOW recorded a 10.4 per cent increase in turnover, reporting £61.08 million in 2023 — up from £55.33 million in 2022.

The firm reported earnings of £11.9 million — a fall of £3.2 million or 21.4 per cent on the previous year, when they were £15.15 million. Red Funnel has also secured financial backing from the firm’s lenders for at least the next 18 months under the proviso that new investment is obtained by September 30 2025.

According to the accounts, in 2023, £984,000 was paid to directors, through emoluments (£823,000), group contributions to defined contribution pension schemes (£68,000) and compensation for loss of office (£93,000).

https://www.msn.com/en-gb/money/other/red-funnel-finances-laid-bare-as-long-awaited-accounts-are-published/ar-AA1CKLHw?ocid=BingNewsVerp

So, they had a 10% increase in turnover yet made a profit, had to borrow but were still able to handout nearly £1 million to the directors responsible for the debt and the puzzling loss?

Imagine that was CalMac. It has no paid directors and its Chief Exec go £157 000.

is this the first disturbing report on Red Funnel? Nope, not by a long way. See:

Chaos for drivers and passengers as both of Isle of Wight privatised ferry services suffer breakdowns and cancel key services despite higher fares

Isle of Wight ferry firm Red Funnel does ‘one day diddle’ to conceal ‘everyone taking a large cut out of the dividend’

Isle of Wight ferry prices at two to seven times CalMac rates prevent tourists coming