UK: Bright Future for Port of Tyne
The award-winning Port has broken its own records with year on year growth since 2009.
Last year, turnover increased to a record £63 million, cash flow from operating activity rose to a record £19 million and profit before tax reached a record £12 million.
Port of Tyne Chairman, Sir Les Elton, said: “The Port’s strategy to diversify and invest in infrastructure is now coming to fruition. I would like to pay tribute to the staff of the Port who have picked up the gauntlet to transform and commercialise the business and at the same time have accommodated huge increases in activity levels.”
“The challenge now will be to maintain these levels of activity whilst also preparing for, securing and implementing the new business opportunities that lie ahead.”
The key driver behind the positive results in 2012 was an increase of over 40% in bulk cargo handling – a record volume of 5m tonnes was achieved, at the highest level since 1989 – amounting to enough cargo to fill the new Wembley Stadium seven times.
This was mainly due to increased demand for coal for power stations. And, because of major investment in dredging to make the river its deepest ever, the Port has been able to meet the demand and accommodate the huge cargo ships that are now used for coal and other bulk cargoes such as steel, scrap metal, wood pellet and grain.
Press Release, May 9, 2013