UK: Milford Haven Port Posts Rise in 2011 Profits

Milford Haven Port, UK’s third largest port which handles around 20 per cent of the country’s fuel requirements, reported a pre-tax profit of £8.1m on a turnover of £29.5m in 2011, up from £7.1m on a turnover of £27.8m in 2010. 

This improvement had been aided by increased fuel demand during an exceptionally cold spell in the first quarter of 2011.

The Port’s chairman David Benson said that the Board welcomed the strong performance of the business in 2011, but that reduced LNG throughput over the winter of 2011/2012, coupled with the challenge of meeting pension obligations, is leading to reduced expectations for 2012.

We have recognised the risks and have worked hard during the year to offset them by making significant contributions towards pension funds and investing heavily in a range of activities to reduce our dependence on petroleum-based shipments over the medium term,” he explained.

One such example is the recently announced merger of the Port’s ship repair business into Mustang Marine, together with an associated investment in facilities to create a centre for excellence in marine engineering based on MHPA’s dry dock and slipways.  “We believe that this deal creates a business with the requisite critical mass and resources to achieve significant financial and employment growth over the next few years,” said chief executive Alec Don.

However, he warned of the need to support the threatened refining sector in the UK. “A report we commissioned from Cardiff University last year clearly highlighted the importance of the energy sector to both Wales and the UK. We need to make sure this is fully recognised by policymakers, and that more is done to make it easier to invest, operate and employ within the sector.

LNG World News Staff, April 25, 2012

 

Share this article

Follow LNG World News

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

CIMPC 2017

The 2017 Chine International Marine Corrosion & Protection Technology and Innovation and Application Development Forum will be held in March in Shanghai, China.

The Forum will continue to maintain a high standard, specialization, and internationalization. In addition to focusing on marine areas, it will also extend to the corrosion and protection of land and air engineering.  By showing the outstanding results of China in the aspects of corrosion technology research and engineering applications, as well as by introducing the advanced anti-corrosion technology and products, it is aimed to promote the development of China’s corrosion & protection technology and engineering application.

More info

read more >

LNG Pricing, Trading & Risk Management / 2-Day Course

Come join us for this truly exceptional LNG learning and professional development experience.

read more >

Gastech Conference & Exhibition

Gastech Conference & Exhibition represents and addresses the current commercial and technical challenges spanning the entire natural gas & LNG supply chain..

read more >

06th OIL & GAS KENYA 2017

The 06th Oil & Gas Africa – Int’l Trade Exhibition, 11 – 13 April, 2017, is a hub for key players in the oil and gas community…

read more >