TURNOVER AND PROFITS GROWTH FOR PORT AUTHORITY

Milford Haven Port Authority, which presides over the fourth busiest port in the UK, has reported growth in turnover and profits in the year ended December 2004 in its latest report and accounts.

With turnover of all its operations combined reaching £15.6m for the year, up on the previous 12 months’ £12.6m, the Authority also turned a loss of £486,000 in 2003 to a £682,000 profit. The improved performance was due in part to a 6.1per cent increase in shipping tonnage handled, but also to changes and acquisitions within its commercial operations.

The report indicates a strong confidence in the future of all the Authority’s operating areas, many of which underwent structural changes during the year to improve their long-term performance.

In particular, the advent of LNG is also mentioned as a mainstay of the port’s future business, with Milford Haven being described as “on the threshold of leading the UK into a new energy era”.

The report examines the benefits to the local economy of the arrival of LNG in the port, for which two terminals are now under construction, and whilst criticising what it calls “a small but petulant voice of opposition, based largely on ignorance”, the report itemises the breadth and depth of the risk analyses the Authority has undertaken, and the steps it will take to “maintain tight controls and jurisdiction over vessels coming in and out of the Haven”.

The report goes on to highlight a number of key achievements during the year which contributed to the successful financial performance.

* Pembroke Dock Ferry Terminal achieved its aim of a 12 per cent increase in freight volumes within existing cost structures.

* A new joint venture company, Williams Marine and Port Services, was created to provide improved services for marine and civil construction work with multi-purpose vessels, heavy lift crane barges, tugs, pontoons, salvage vessels and work boats.

* Quayside Estates, a new property business, was launched to provide commercial, industrial, retail and residential property, and project manage large schemes. Although only in its first year of trading, the division completed the construction of Cedar Court, a £4m Objective One funded commercial office development close to Milford Docks providing over 23,000 square feet of modern office space.

* Milford Marina exceeded its 10% annual occupancy targets for its 255 berths, justifying a proposal to increase capacity this year by 70 berths to meet demand.

* Milford Haven Port Authority was also formally presented during the year with the coveted Investors in People accreditation by First Minister Rhodri Morgan AM.

Port Authority chairman Bob Clarke praised the management and staff for their hard work in a year of changes which had lead to a good financial performance.

“Our port operations and the businesses we run which under our umbrella are fighting fit and looking to their future contribution to the West Wales economy,” he said.

“The arrival of LNG is the most significant of these, and I am confident that we are in an excellent position to manage the increased shipping the industry will bring, and take advantage of the other economic spin-offs that will undoubtedly be created.”

The report outlines the recent organisation change to that of one Board supported by one executive team, and the strengthening of that team. It also provides a review of the business of the Authority and a summary of the targets set for the coming year.

Chief Executive, Ted Sangster stated that “Sustaining business success requires a clear definition of our business strategy to shape and meet our preferred future. Measurement and monitoring are vital to track progress and we believe it is important to share our targets with all our stakeholders through outlining them in this widely distributed business review report”.