Port of Blyth has announced record financial results for the second consecutive year as turnover grew by 17% to £23.2m in 2016.
A fifty percent year on year increase saw group pre-tax profits reach a record £1.9m while commercial vessel movements at the Port, now the seventh largest of its kind in the UK, grew by 20%.
The key driver of this growth was energy sector related trade, supported by the Port’s continued success in attracting unitised, breakbulk and dry bulk cargoes. Increasingly seen as a strategic North East offshore energy supply base, the Port grew its client list significantly in 2016 and the reinvestment of profits in facilities continues to attract high level interest from leading firms in the sector into 2017.
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 has enabled 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 many North East businesses.
The year was also notable for the Port’s role as a leading partner in the North Sea Tall Ships Regatta in August. The three day event attracted half a million visitors to the region and boosted the local economy by £13.5m.
Port of Blyth Chairman Geoff Hodgson added: “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.”