Peel ups Cammell Laird stake to 75%

NEWLY-filed accounts for Peel Ports show it upped its stake in the Cammell Laird shipyard during the year.

In the document it says it spent £30.5m increasing its stake in both Cammell Laird and Atlantic & Peninsula Marine Services, based in the North East.

TheBusinessDesk.com understands it held around 50% of each company but this figure now stands at 75%.

Cammell Laird’s chief executive John Syvret and other managers have sold shares in the business, but he continues to be in charge of day-to-day operations. Mr Syvret and fellow executives also teamed up with Peel in 2011 to acquire Atlantic and Peninsula, a ship repair business.

Despite Peel Ports’ increased shareholding a spokesperson for Cammell Laird said that control of the business remains in the hands of Mr Syvret “according to the shareholders agreement and articles of association.”

The accounts for the year to March show the deals give Peel Ports, which runs the Port of Liverpool, the Manchester Ship Canal, Heysham Port and others, a marine services revenue of £116.6m.

During the period port income increased by 1% to £385.3m but overall turnover was £501.9m, after including marine services. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 4.6% to £157m. Pre-tax profits increased to £28.4m from 26.9m. Tonnage through the ports slipped 3% to 65.7 million.

In their report the directors said: “The level of business activity for the port operations has been satisfactory in the current economic climate. Although the economic outlook remains uncertain, it is anticipated that the present level of activity within the group will improve over the next 12 months. In addition, the results for the year ending March 31 will benefit from a full-year of trading from the marine support services businesses.”

The group also said it had started accounting for its share of a pension deficit owed to the Pilots National Pension Fund which has led to a charge of £41.4m in the accounts. Peel Ports has total debts of £1.14bn, up from £1bn last time.