Port warns of EU risks and rewards as turnover climbs
THE Brexit vote has created uncertainty that could hurt Londonderry Port’s future growth, the business has claimed.
However, with turnover increasing to £7m in its latest accounts, the port said the historic decision brought “both opportunity and risk”.
The port reached record levels during the year to the end of March, and handled around £1bn worth of cargo.
However, while total cargo dealt with increased to 1.7 million tonnes, pre-tax profits fell slightly during the course of the year, dropping from £1.43m to £1.35m.
Speaking in the annual report about the business’s performance and the impact of the Brexit vote, chairwoman Bonnie Anley said: “We remain confident that the uncertainties arising from the Brexit vote will be resolved politically, therefore safeguarding our continued contribution to the regional economy.
“At the time of writing, the vote for Britain to leave the European Union has created a number of uncertainties which may be detrimental to the future growth of the port.
“As an organisation situated close to the border, it is our priority to safeguard the current status of soft borders and to eschew any potential burden of import tariffs, so that we remain on a level playing field with our competitors. However, change brings with it both opportunity and risk.”
The company said that its core business “had a strong performance for the year, with an increase in vessels facilitated and a number of new cargoes handled”.
The business added that it had recorded a solid financial performance with “significant contri- butions from each of its business divisions”.
Its direct workforce increased to 77 over the year, which included a team of five apprentices. The port claims it indirectly supports around 1,000 jobs.
During the course of the year, the company invested £1.9m in port assets and infrastructure, including the first payment for a new harbour tug that will be delivered during the current financial year. Overall investment, meanwhile, came to a total of approximately £4m.
Ahead of the EU vote, Brian McGrath, head of Londonderry Port and Harbour Commissioners, said the “prospect of Brexit is a massive issue for the north west and (the region) in general”.
Ms Anley later added: “The Port and Harbour Commissioners said that a further £1m has been committed for additional infrastructure and development of the harbour estate’s land bank to facilitate growth, including initial work on its vision to see a new cruise terminal built in Lough Foyle to transform tourism in the region.”