Port’s Annual Report highlights positive results amid challenging times
03 June 2020
The Port of Milford Haven's 2019 Annual Report and Accounts have been published reporting strong financial results driven by increased shipping activity.
The Port achieved sales growth of 27%, recording turnover of £28.1m for 2019 with operating profit of £5.7m (compared to £22.1m and £0.9m respectively in 2018). Cargo volumes increased by 13% to 35m tonnes with over 100 LNG shipments in the year, being the second highest volume in the 10 years the liquefied natural gas terminals have operated on the Haven.
The positive achievements of 2019 provided a strong platform for the Port’s ambitions to grow further in 2020. However, the current Covid-19 pandemic is having a significant impact on the many operations and activities at the Port, as well as its employees and visitors to the area. Commenting on the pandemic Chris Martin, Chair of the Port, said “In line with the Port’s core values, safety will always come first in everything that we do. I have been proud of the way the whole organisation has reacted and of their determination to remain flexible during our response.”
He continued “The Port began the new decade in a very strong financial position after a successful 2019 year in revenue terms and with a significant cash balance. This has provided a robustness to withstand the financial pressure which the efforts to stop the spread of the virus will undoubtedly have on the local, national and global economies. Additional focus will be placed on conserving cash wherever possible whilst supporting our community in the true spirit of a Trust Port and ensuring we continue to deliver on our purpose to build the prosperity of the Haven and beyond.”
Our motivation to provide jobs and drive economic benefit for current and future generations gathered pace on the multi-million pound Milford Waterfront development. Fundamental to the overall diversification strategy, the project took a significant step forward in November when outline planning consent was granted. Activity at Milford Waterfront was buoyant throughout the year with a programme of successful events and the opening of four boutique Floatel Cabins. In December plans were submitted for a flagship 100-bed hotel, with a decision expected shortly.
On the south side of the Haven, a significant amount of resource was invested in the Pembroke Dock Marine project, part of the Swansea Bay City Deal. This is an unmissable opportunity to develop a world leading marine energy and engineering centre of excellence in Pembrokeshire, with huge prospects for the supply chain. Milestones were achieved locally with support from Pembrokeshire County Council and a decision is now awaited from Welsh and UK Governments.
The 2019 Annual Report and Accounts can be viewed on the Port of Milford Haven website.