Troubled waters for Condor as accounts show £1.4m loss

Monday 29 April 2024

Condor Ferries suffered a £1.4million loss last year, according to the company's latest accounts.

The accounts, which have just been filed with Companies House, cover the year ending 25 March 2023.

In the 12 months before that, Condor Ferries Limited was showing a profit of £480,187.

Condor has declined to answer any question about the accounts, including what drove the move from profit to loss and what had been done since to turn that around.

Pictured: Condor faced backlash at the end of last year when the ferry operator outlined plans to increase freight prices by inflation plus 10%, resulting in a total increase of 18.76% from 1 January 2024. 

Condor Ferries Limited is a key component of the wider family of related companies that provide ferry and freight services to the Channel Islands from the UK and France.

The investment holding company that sits above them all is known as Condor UK Holdings Limited – it is now late in filing its 2023 accounts which were due on 31 March according to Companies House.

Condor Ferries Limited provides management services and acts as an agent for passenger and freight shipping.

The accounts were signed off by John Napton, who stood down as Condor Ferries CEO in February.

Pictured: The accounts were signed off by John Napton, who stood down as Condor Ferries CEO in February.

Turnover at Condor Ferries Limited was up in the latest year; £7,593,581 compared to £6,292,007 in 2022.

But the accounts show administrative expenses rising from £3,298,886 to £6,056,948.

There is no detail of what that consisted of.

The company employed an average of 116 people in 2023, up from 102 the previous year.

Condor's finances were in the spotlight in December when it issued a statement saying it had been working with its stakeholders to "overcome a temporary but challenging time" as it successfully refinanced borrowing.

Condor increased its freight charges by nearly 19% this year.

Pictured: In April 2023, the States of Guernsey jointly purchased a new ferry with Condor and loaned the company £26m.

In April 2023, the States of Guernsey jointly purchased the Islander with Condor "to prevent a potential emergency occurring".

They both invested £3m each, while the States of Guernsey also loaned Condor £26m.

Condor is also facing competition to continue operating the CI routes as Guernsey and Jersey work together to finalise new long term operating agreements.

The current agreements end in March 2025.

Condor has said it is confident it continues to be the right operator, while competition is expected from DFDS which has held berthing trails in both islands.

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