Volumes and profits up at Peel Ports
THE parent company of the Port of Liverpool, the Manchester Ship Canal and assets in Kent and Scotland, has reported improved financial results for 2012.
Peel Ports Shareholder Finance Co, the main holding company for the Peel Group’s port assets, saw profits and turnover rise in the year to the end of March 2012.
As the global economy saw some signs of recovery, turnover rose 6% to £380.5m as tonnage throughput at its UK ports in the North West (Liverpool. Birkenhead, Heysham and the Manchester Ship Canal), Medway in Kent, Clydeport in Glasgow and Ardrossan on the west coast of Scotland, rose 9.3% to 62.3 million.
Ebitda and operating profits rose by 14.6 % to £149.8m and 20.6% to £92.6m respectively as a result of an improved gross margin and improved operational efficiencies.
Chief financial officer Graeme Charnock remarked: “Despite the continuing uncertainty in the global economic environment, the results for the year have improved, which is largely attributed to the benefit of a strong and diverse portfolio of customers and service provision.
“Although several European ports have been hit by the global decline in container volumes, Peel Ports Group is not as reliant on container handling as many other ports businesses.”
Newly-filed accounts reveal the group’s geographical spread was expanded during the year with a £32m acquisition of property assets in Hebburn, Tyne & Wear and in Falmouth, Cornwall, which are leased to third parties.
Last month Peel Ports completed a £1.6bn refinancing deal to fund its growth plans, which include the the £300m Liverpool2 SuperPort scheme. The funding includes £150m from the European Investment Bank for Liverpool2.
As well as its mainland Statutory Harbour Authority operations, Peel Ports operates container terminals in Belfast and Dublin.
Peel Ports is owned by John Whittaker’s Peel Group and by RREEF, a German infrastructure fund part of the Deutsche Bank Group, which bought a 49% stake in 2006.
