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Port of Blyth posts record results for the second year running

11/05/2017

A North East port has bucked national trends to record a second year of record turnovers.

The Port of Blyth, in Northumberland , saw turnover grow 17% in 2016 to reach £23.2m, while pre-tax profits were up 50% to £1.9m and commercial vessel movements at the port, which is now the seventh largest of its kind in the UK, grew by 20%.

Blyth’s success, which was built around an increase in trade in the energy sector, came as many many other ports nationally and locally saw incomes fall due to slumps in the steel, offshore and coal markets.

The port also saw continued success in attracting unitised, breakbulk and dry bulk cargoes, growing its client list significantly and reinvesting profits into facilities on its site.

Chief executive Martin Lawlor said: “Having achieved record financial figures in 2015 we’re very pleased to announce another set of outstanding results across the group this year.

“Driven by the primary port operating business’ best ever financial results and a strong performance across all trade sectors, these figures highlight both the continued growth of Port of Blyth and a very positive outlook for its future.”

The growth helped Port of Blyth strengthen its role as an economic driver for the region, directly and indirectly supporting thousands of jobs and providing an international gateway for many North East businesses.

The year covered by the accounts also saw the port act as a key partner in the Tall Ships Regatta, which attracted half a million visitors to Blyth and boosted the local economy by £13.5m.

It also saw Hebburn’s TSG Marine, which provides engineering services to the oil and gas, marine and renewables industries, opening a new base at the port.

Port of Blyth chairman Geoff Hodgson said: “Having achieved a second successive record year, the port is clearly on a sound financial footing with continued success expected in the future.

“As a trust, the port’s on-going success will benefit our wider stakeholders and with several exciting developments planned for the coming years, we expect this growth to continue in 2017 and beyond.”

(Source: Chronicle Live)