The Port has announced record financial results, posting an impressive 11% year-on-year increase in turnover to £19.8m.
Now the seventh largest port of its kind in the UK, pre-tax profits doubled to £1.2m in 2015, whilst the volume of cargo handled in the year increased to 1.9m tonnes.
Chief executive Martin Lawlor said: “We’re delighted to announce another set of record results across the group, driven by the primary port operating business’ best financial results to date and a strong performance across all trade sectors.”
Key drivers of growth
The key driver of this growth was a doubling in turnover of energy sector related trade, supported by the Port’s continued success in attracting unitised, breakbulk and dry bulk cargoes. The completion of a marine fuel terminal in 2015 in partnership with Geos Group saw the introduction of liquid bulks movement for the first time.
The growth enabled the Port of Blyth to strengthen its role as a key economic driver for the region, directly and indirectly supporting many thousands of jobs and providing an essential international gateway for North East businesses.
Exciting developments expected in 2016
The Port has an important year ahead with a number of key developments in the pipeline as well as playing host to the 2016 North Sea Tall Ships Regatta in August. The three day event is set to attract hundreds of thousands of visitors to the region and boost the economy by up to £25m.
Incoming Port of Blyth chairman Geoff Hodgson added: “2015 has been record year for the Port of Blyth and by some distance. As a Trust, the Port’s on-going success will benefit our wider stakeholders and with a diverse trade base and numerous investments over the coming years, we expect to continue this growth in 2016 and beyond.”
Full coverage of the financial results has been provided by the The Journal here.