Losses More Than Double at Ineos Chemicals Subsidiary

Sir Jim Ratcliffe's loss-making chemicals business could take longer than expected to recover its financial health because of Donald Trump's trade tariffs, analysts have said.

- Jillian Ambrose

The billionaire industrialist has faced concerns over the state of his chemicals group amid problems with his business interests in Manchester United and All Blacks rugby.

One of the key companies within Ratcliffe's sprawling business empire, Ineos Quattro, has reported that its financial losses more than doubled to €819m (£702m) at the end of last year, from €291m in 2023, its first loss in at least five years.

The chemical company, which supplies a range of industries including carmakers and pharmaceutical companies, said in its annual report its "substantial indebtedness" crept almost half a billion euros higher during 2024 to reach nearly €7.7bn.

The results were released days after Moody's downgraded its outlook for the business over concerns "trade barriers" could keep it under pressure for the next two years.