Port Announces Increased Profits For Third Consecutive Year


The busiest 12 months in the 50 year history of Britain’s sixth largest port helped Milford Haven Port Authority to up its turnover and post increased profits for the third year running, according to its latest annual report and accounts, released today (16 July 2009).
Turnover of the Port Authority Group – which consists of its marine operations combined with its commercial interests – increased by four per cent to £18.5m during the year January to December 2008, with pre-tax profit improving by 41 per cent on the previous year to £4.7m.

But while operating profit increased by a healthy 81 per cent to £764,000, Chairman David Benson confirmed a commitment to ongoing financial improvement.

“Our prime objective continues to be the improvement of the financial performance of the Group’s core business,” he said. “But 2008 was a very good year for us. We celebrated our Golden Jubilee and handled the largest amount of shipping we have ever handled - a record 52.8 million gross tons.

“We operate as a Trust Port, which means we have no shareholders, so our profits are retained for continued investment to support our obligation of maintaining the port in good working order for the benefit of future generations.

“Our port, like all others in the UK, operates under the requirements of the Port Marine Safety Code, which is monitored by the Maritime and Coastguard Agency on behalf of the Government.

“Our commitment to the safety of all our operations is paramount. The Authority does not just comply with all the requirements of the Code, but goes one step further by embracing the risk assessment and safety management approach it requires for marine activities for all its shore based activities as well.”

Chief executive Ted Sangster reported that a range of key operational milestones were passed during the year. These included the final planning and preparations for the arrival of LNG, and the purchase of a major strategic quayside site from the Ministry of Defence at Pembroke Port.

He said that while Milford Haven was primarily known as an oil port, Pembroke Port was a busy focus of significant imports of aggregate, timber and fertiliser for agriculture and the local economy.

A new £1.5m pilot vessel had been commissioned and a £1.3m repair and maintenance programme for port infrastructure undertaken, both part of the Authority’s continuing investment in the port’s growing activities.

Support for the local tourism economy had continued, said Mr Sangster, with 1,200 moorings being offered throughout the Waterway and ongoing work to develop more cruise ship visits.

“As well as these major operational achievements, we contributed £300,000 and significant help and resources in kind during 2008 to local community projects,” he said.

“With a continued growth in commercial traffic at the port throughout 2008, as well as increases this year in LNG shipping and the imminent traffic associated with the construction of the new 2,000 MW Power Station at Pembroke, I am confident that our activities are continuing to strengthen the Authority’s overall position and further our aims to become the most highly regarded port in the UK.”


Photocaption – The Irish Ferries ‘Isle of Inishmore’ arriving at the port, passing the LNG Carrier ‘Tembek’, berthed at the South Hook Jetty