Archived News Release 18-01-2005
Red Funnel announces excellent market share figures for 2004
Red Funnel has announced improved market share figures for the year ending 14 December 2004, highlighting how the company has outperformed the market in key business sectors. The statistics show how Red Funnel has increased its market share compared to the figures for the year ending December 2003.
For the year ending December 2004, Red Funnel carried 2.55% more passengers across the Solent on the vehicle ferry and Red Jet Hi-Speed passenger services than in 2003, this compares to overall market growth for this sector of 0.58%.
The total passenger figures can be broken down to show the number of passengers that used the R0-RO services to the Isle of Wight, and the numbers that used high-speed services. Red Funnel carried 3.64% more passengers on the vehicle ferry services from Southampton to East Cowes than in 2003, this compares to overall market growth for this sector of 0.84%.
Red Funnel carried 0.88% more passengers on the Red Jet Hi-speed services from Southampton to West Cowes than in 2003, this compares to overall market growth for this sector of 0.04%.
The real success story lies in the figures for the number of cars Red Funnel carried to the Isle of Wight for the year ending December 2004. Red Funnel ferried 5.76% more cars than in 2003, this compares to overall market growth of 2.06%.
The coach figures were also encouraging for Red Funnel with its business up 3.20% compared to 2003, in a market that declined by 2.63%.
Colin Hetherington, Red Funnel commercial director, comments:
“We are very encouraged by this set of figures in a year where we saw increased competition and higher operating costs, particularly in relation to fuel. In 2004 we made a significant investment in the expansion of our vehicle ferry fleet to ensure additional capacity on the route. We also enhanced the crossing experience for our customers and we’re delighted that more people than ever before used our services. We are also confident that 2005 will be another record year for us as there’s an excellent calendar of events to look forward to, as well as new hotel openings and some fantastic exhibitions at visitor attractions across the island. All of which helps to drive business and raise the profile of the Isle of Wight.”
Red Eagle, one of Red Funnel’s three vehicle ferries, is currently in Poland being refitted and stretched. An additional car deck is being fitted to add another 15% capacity to the Southampton/East Cowes route, building on the 45% additional capacity that was created by stretch work carried out in 2004 to Red Osprey and Red Falcon. Red Eagle will be back in service in spring 2005 and means Red Funnel not only has the youngest cross-Solent fleet but also the largest vehicle ferries ever to serve the Isle of Wight.
20 St Thomas Street
t. 0203 697 4200
f. 0203 697 4201