THE group which owns and operates the largest port in the North East has reported a 4% increase in revenues for the year ended December 31, 2012.
Brookfield Ports (UK) Ltd, the holding company of PD Ports, whose biggest asset is the Port of Tees and Hartlepool, reported revenues in its recently published annual report for the year ended December 2012 of £129m, up from £124m in 2011.
Its profit after tax for the same period fell from £31.4m to £11.2m, which was partially explained by the prior year’s results including an exceptional credit of £15.4m. Net assets at the end of 2012 were £89.3m, a rise of £10.5m from the previous year. The directors will not be paying a final dividend
Management considered the group well-placed to deliver long-term growth in its earnings, based upon organic growth opportunities both to complement its existing customer and cargo base and to increase its service offering in growing markets.
PD Ports’ businesses consist of ports and logistics services at Teesport, Hartlepool, Hull, Immingham, Howden, Keadby, Isle of Wight, Felixstowe, Scunthorpe, Billingham and Thames.
Earlier this year, Teesport received a visit from Transport Secretary Patrick McLoughlin who was seeing first-hand how the North East port received goods for major importers including Tesco, Asda and Taylors of Harrogate.
It has also recently benefited from a £16.7m investment in improving its container terminal, together with the recommencement of steel slab export volume, following the restart of steel production at Redcar after the facility was purchased by SSI UK.
PD Ports’ chief executive David Robinson said at the time: “We have recently invested significantly in our container terminal infrastructure at Teesport, and have further improvements in the pipeline so that we can service the growing volume of containerised goods coming through the port.
“We were especially keen to talk to Mr McLoughlin about the proven benefits of portcentric logistics and how this could prove advantageous for companies importing and exporting goods into and out of the UK.
“Teesport is well-placed to make a material difference to supply chain markets and we are looking to build on our existing platform to position the North East, and in particular the Tees Valley, as a leading centre for UK logistics.”