By Carole Dennett
Red Funnel Limited has finally filed its annual accounts for 2024, signed on December 5 and lodged at Companies House a week later. The figures arrive at a time of significant upheaval for the ferry operator, which was sold to new owners, Njord Partners, on December 1.
The accounts reveal the company is still under pressure. Turnover slipped slightly by almost 2 per cent to just under £60 million, but operating profits fell back 14.5 per cent, leaving Red Funnel with a loss of £32.4 million. That is a far smaller deficit than the £195 million recorded in 2023, but shows the business still faces significant challenges.
On the water, Red Funnel ran almost 2,000 fewer sailings than in 2023. Fewer services meant punctuality improved slightly, with 93 per cent of ferries leaving on time. Passenger numbers on the Red Jet showed a modest rise, though they remain at three-quarters of pre‑Covid levels. Private vehicle traffic dropped sharply by 7 per cent, leaving Red Funnel carrying just over a third of cars crossing the Solent, and less than half of commercial vehicles.
The accounts confirm the company’s survival depends on Njord’s financial support, which has been promised until the end of 2026. Njord has pledged £1.5 million in fresh funding (not paid when the accounts were signed) and announced plans to slash Red Funnel’s debt, including a £65 million reduction in bank loans. But the paperwork does not explain how this has been achieved, or what loan repayments will be required next year.
The highest‑paid director – probably CEO, Fran Collins – saw a salary cut of £51,000, but still received £248,000. Pension contributions for the same person rose from £11,000 to £26,000, softening the impact somewhat. The accounts also disclose a £93,000 pay-out to at least one departing director in the year.
The overall picture
Elsewhere in the group, compliance problems persist. The Hythe & Southampton Ferry Company, wholly owned by Red Funnel, has yet to file accounts for 2023 or 2024 despite extended deadlines. This raises questions about governance and transparency at a time when Islanders and others are looking for reassurance about the operator’s future.
While the accounts highlight Njord’s backing and investment in refits, there is no mention of the desperately needed new car ferries – a notable omission since the takeover. Njord Partners are reportedly still seeking to raise funds in relation to the purchase, so this may change over time.
Red Funnel’s future now rests firmly on its new owners. Debts have been cleared on paper, but unanswered questions about funding, debt repayments, and the fate of the Hythe Ferry mean there is still a lack of transparency about the plans of Njord Partners for the cross-Solent operator.
