Steady results for 2018 puts Port in strong position
30 April 2019
The Port of Milford Haven has published its Annual Report for 2018 highlighting a steady year’s trading. Lower earnings from cargo on the Waterway, offset by diversified earnings on land have kept the Port of Milford Haven in good shape.
In its 60th year since its creation by an Act of Parliament in 1958, turnover dropped from £22.4m to £22.1m, and the business recorded a slight loss after tax of £1m, primarily due to exceptional property revaluations and pension service costs. However, the business generated significant cash flow, retained robust reserves and continued at a measured pace with its landside diversification plans, particularly in the creation of a vibrant visitor destination at Milford Waterfront. The Port’s strategy to develop long term and sustainable income streams also saw it progress with plans to make Pembroke Port a leading centre for marine renewable energy and engineering businesses.
In his introduction to the Annual Report, the Port’s Chair, Chris Martin stated that the 60th Anniversary brought opportunity to reflect on a decade of significant change on the Waterway, which, with the arrival of LNG and continued investment by Valero in its refining and handling capabilities, has reaffirmed the Port’s status as part of the UK’s critical infrastructure.
“Following a decade of investment, combined with our own focus on creating facilities that are attractive to the emergent marine energy industries, the Milford Haven Waterway remains a powerful economic hub. As the next decade beckons, we are not standing still and will invest to deliver long-term stable growth,” wrote Chris.
Interim CEO Andy Jones stated that this business stability, allowing the Port to invest in infrastructure, comes at a time when the nation is recognising how vital ports are to the UK economy.
“95% of the UK trade is transported by sea. Yet it’s done with such efficiency that it has taken Brexit for the port sector’s fundamental value to be recognised,” wrote Andy. “We need continued investment in port infrastructure to make the most of trade opportunities. We also see a strong case for port environments to expand and act as catalyst locations for the growth of key UK industries,” he continued.
To view online, please go to: https://www.mhpa.co.uk/annual-report-2018/.