The Port of Milford Haven has published its 2016 Annual Report, showing strong investment in the marine, leisure, tourism and marine renewable energy sectors.
The Port recorded a profit before tax of £5.6m and a turnover of £25.3m. Cargo throughput was slightly lower than the previous year at 34.9m tonnes.
In 2016 the Milford Waterfront brand was officially launched. Milford Waterfront is a flagship development for the Port and has the potential to accommodate approximately 380,000 sq ft of commercial, leisure and premium residential space. It is expected to create in the region of 600 new jobs and provide a significant uplift to the local economy.
Milford Marina celebrated its 25th anniversary during the year. Visitors enjoyed a busy calendar of events, as well as new heritage boat tours that are now operating from the marina.
Significant investment was made on the marine side of the business. A state-of-the-art marine navigation simulation suite was installed, providing the Port’s own marine professionals with training software as well as being able to offer it to external bodies and eventually market it to a global audience.
Investment was also made in a fleet of new pilot vessels – St Brides and St Davids, with St Govans expected to arrive in 2017.
Volumes at Pembroke Dock Ferry Terminal continued to show annual growth on both the freight and passenger side, as did volumes of imports and exports at Pembroke Port.
There is great optimism for the marine renewables sector in Pembrokeshire which was cemented by the creation of a Marine Hub at Pembroke Port. Following the approval of the £1.3bn Swansea Bay City Deal in March 2017 by the UK’s Prime Minister, our Pembroke Dock Marine project can now move forward and activity within the renewables industry as a whole is expected to increase with earnest over the coming months and years.
A significant amount of time was dedicated to engaging with stakeholders throughout 2016 and the results of the annual survey revealed a heightened awareness of the work carried out in the community. As a Trust Port, the Port is committed to helping create a prosperous society and aims to create opportunities for young people through the wide range of projects that it is involved in.
Alec Don, Chief Executive at the Port, commented:
“Our staff are at the heart of all we do at the Port and they continuously go the extra mile to ensure that we provide a safe and efficient service 24 hours a day, 7 seven days a week, 365 days of the year. It is this dedication and collaboration that has assisted the Port in producing a pleasing set of results in a range of sectors in what can sometimes be turbulent markets. 2017 is set to be considerably more challenging, with significantly reduced volumes of LNG currently affecting the business. In line with the rest of the market we also experienced a substantial increase in our pension liabilities. It is for these aspects of volatility we have ensured as a business that we have a strong balance sheet and are pursuing growth and development in the infrastructure and property parts of our business.”
The 2016 Annual Report and Financial Statements can be viewed online at www.mhpa.co.uk/annual-report