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...as ports signal full steam ahead
Page 12
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PORT OPERATOR Associated British Ports (ABP) describes its first-half results as "strong" after its interim results revealed underlying pre-tax profits of £67m, up 8% from January-June 2004, Its UK ports and transport business accounted for 86% of group revenue; growth in this business was helped by the acquisition of six new contracts.
At Grimsby and Immingham alone, revenue rose by 13.4% due to "exceptionally strong growth in volumes of coal imports, increased steel exports and recovery in grain exports".
The group's UK ports and transport revenue increased 2% to £185.8m. However container activity at Southampton decreased due to the retail sector cutting back on stock levels.
ABP remains confident about further development following the government's decision in January that it was "minded to approve" the proposed £35m short sea container terminal in Hull.
Group Chief Executive Bo Lerenius adds: "These contracts, together with the group's two major port projects at the Port of Immingham which will become operational next year,give us confidence that we will continue to grow the UK ports business during the second half of 2005 and in 2006."