Port of Blyth financial results show turnover and investment growth
The Port of Blyth has announced performance figures and financial results that confirm 2018 as another busy year and a significant one for investment.
Although adjusting operating profits for the port business dipped, turnover grew by more than 6% to £21.9m and deadweight tonnage again topped two million in 2018 while in anticipation of growth over the next five years, total yearly investment climbed to a 13 year high.
Regarded as one of the UK’s leading offshore energy bases, Port of Blyth welcomed new high profile clients during the year such as TEXO Group whilst major tenant Royal IHC committed its future to Blyth via a brand new, long term deal signed in 2018.
Investment grew by 58% on 2017 to £6.8m, as the port undertook its most significant level of development since the full scale expansion of its Battleship Wharf terminal in 2006.
A joint project with the Environment Agency provided flood protection for more than 800 homes and nearly 400 businesses, whist also providing the port with the opportunity to join two existing terminals into one super terminal as part of a wider redevelopment programme.
Quay strengthening and the construction and refurbishment of property delivered improved facilities for customers and a number of major projects carried out in Blyth – including work on two electrical interconnectors with Europe – showcased the Port’s capabilities to an international audience.
Martin Lawlor, Chief Executive of Port of Blyth, said: “With the current climate proving challenging for many in the port and marine industry, Port of Blyth continued to progress; investing in our future, growing our client base and hosting a number of internationally significant projects.”
Logistics subsidiary Transped performed well with their own turnover topping £9m for the first time whilst the port’s training arm retained its position as a market leader in the ports skills and safety sector.