Port of Milford Haven: 2013 Turnover Down

The Port of Milford Haven has reported turnover for 2013 was £22.5m, slightly down on 2012 (£22.7m), with pre-tax profits just under £1.5m, down from over £4.1m the previous year. Cargo tonnage was 41m tonnes, up by 1m on 2012.

The Port, responsible for the handling and safe navigation of shipping in and out of the Haven, saw a second subdued year in the number of LNG shipments into the Port. This, combined with losses incurred from the collapse of joint venture shipbuilding operation, Mustang Marine, was responsible for the dip in performance.

Commenting on the results, Peter Jones Chairman of the Port, said “We are naturally disappointed by the failure of Mustang Marine, and the write-off of our investment has had a marked effect on our results. However, we remain hopeful that we and others can find a way forward so we can protect the talent and potential that undoubtedly exists in shipbuilding and marine fabrication here.”

As a trust port, the Port of Milford Haven has no shareholders and all its profits are reinvested in the business. It continued to invest substantially in the year, reporting over £10m of capital expenditure that included construction of new lock gates in Milford Dock and a large-scale solar PV installation that is now operational.

In Short Sea operations, where revenues are generated by commercial activities based in Pembroke Port and Milford Dock, fish volumes landed in the year at 5,300 tonnes were higher than in 2012, and ferry and other volumes at Pembroke Port were broadly stable.

Alec Don, Chief Executive of the Port, said “Despite the subdued results, the Port is generating cash and will invest in support of its strategy of developing Pembroke Port as a centre for servicing the marine renewables sector and Milford Dock as Wales’s largest fishing port.

“Of course we have the responsibility of being a key strategic energy port for the UK, but we can clearly see the effect of the Port’s over-exposure and vulnerability to this single commodity sector of energy fuels. We must continue to retain a strong cash reserve to help us adjust when necessary and sustain an investment programme through tough times.

“We are working hard to make sure the Port is ready to exploit the wealth of renewable marine energy opportunities around the coast. We will continue to invest here, so that we can build on existing skills and facilities and ensure Pembroke Port becomes a center of excellence in the renewable energy sector. As we get to completion of the Dock Lock we are also preparing to submit our Milford Dock Master Plan for outline planning.

“We continue to follow our plan to see the Port and the wider economy of Pembrokeshire and Wales benefit from this investment for years to come.”