Ports and ferries group P&O has said it is steaming ahead with an organisational revamp that includes the creation of a single brand and the loss of jobs in Portsmouth.

The group is introducing a new organisational structure for its ferries business after buying Swedish firm Stena's 40 per cent stake in P&O Stena Line.

That will ensure the creation of a single brand P&O Ferries, although the restructuring will result in up to 530 job losses, including 350 in the UK.

In a meeting with analysts, P&O said progress was being "achieved more rapidly than expected" and that it remained on course to generate annual cost savings of at least £15m by the end of next year.

It added that current trading conditions were consistent with an update last month when P&O said it had seen an improvement in the tourist market.

But P&O also told the City to wipe £5m from forecasts for its property division because several disposals anticipated for the latter part of the calendar year have not been completed.

The statement said: "This has resulted in a re-phasing of planned property disposals into subsequent years with a likely impact on the property result for the full year of up to £5m."

P&O added the proposed disposal of its logistics and supply chain business Trans European was "proceeding as planned".