Port operator Forth Ports PLC sees port, property divisions meet expectations in full-year trading update.
The UK’s last listed port operator said trading within the Ports' Division showed a ‘significant improvement’ in the second half of 2007 giving rise to strong ‘underlying growth’ for the full year ending December, 31 2007.
At Tilbury, short-sea container volumes are expected to increase year-on-year by over five percent while roll-on roll-off unit volumes are up by 36 percent.
Grain volumes have increased ten percent overall with imports up by 34 percent.
Olympics
The Edinburgh-based ports and property group said that the growing demand for the supply of materials to the Olympics site had helped business at its Tilbury port.
The port operator also said that it had submitted a prequalification tender seeking to designate Tilbury as a multi-modal distribution site for the Olympics.
The company has also acquired 65 acres of land close to Tilbury for future industrial expansion.
Property division
In its property division, the company that development on the Leith Docks in Edinburgh was going well, ‘substantially achieving’ all of the milestones which were set for this year.
In a trading update Forth said it plans to enable a formal submission as an Outline Planning Application (OPA) in the first half of 2008.
In the first half, the division made an expected operating loss of £500,000, compared with a profit of £2 million last time.
Business progress
The group said it was confident of further progress in 2008, based on the levels of business activity and indications of interest for new business.
Forth Ports PLC owns and operates seven commercial ports in the UK - Tilbury on the Thames, Dundee in the Firth of Tay and five in the Firth of Forth - Leith, Grangemouth, Rosyth, Methil and Burntisland.
The Group's preliminary results announcement is expected to be made on 17th March 2008.
December 21, 2007
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