Brexit ‘could bring opportunities’ at Foyle Port as it records £9m turnover
THE chief executive of Foyle Port has said Brexit could present the north-west transport hub with strong opportunities.
Brian McGrath was speaking as Londonderry Port and Harbour Commissioners reported a record turnover of £9.1m for the year to March 31 2018. The 5% rise over the year means turnover at the port has trebled in 15 years. Pre-tax profits were down 19% year-on-year, dropping from £2m to £1.6m, but the chief executive said the enterprise remains commercially strong.
“The dip in profits is a reflection of the investment we have been making, there hasn’t been
any significant change in the market or performance. All our profits are reinvested, there is no shareholder dividend paid out. All of our profits are reinvested and that is our statutory duty as a trust board.”
While he conceded that Brexit is not necessarily the path the trust board would have chosen to go down, he said they remain optimistic.
“Our location at Lisahally makes Brexit a strong opportunity for us. We have the ability, resources and capacity to be well prepared should there be a no deal output.”
Led by chair Bonnie Anley (above) and Brian McGrath as chief executive, the gross tonnage of vessels passing through the port was 2.166 million tonnes for the 12 months to the end of March, largely similar to the previous year (2.168 million).
The vast bulk — 1.722 million tonnes was made up of imports (down on 1.777 million in 2016/17).
However, exports rose from 83,913 tonnes to 102,449 in 2017/18.
The port’s key business is largely based around fertiliser and animal feed, with around 40% of commodities coming from Europe.
Mr McGrath said: “Primarily we support the agri-industry and energy industry in the north west. We support around 20,000 farms in the cross-border region. We are obviously interested in future customs arrangements and whether or not there will be a lot of additional bureaucracy.
“The question is whether or not it will affect our competitive position and that is something we would be very concerned about.”
The financial statements contained in its latest annual report revealed that Foyle Port increased its workforce by 10% over the year, which was reflected in staff costs rising from £3.2m to £3.6m.
The total paid out to senior employees and board members was £876,667 in the year to March, up from £818,852 the previous year.