Tide rises again at Port with 25% profit increase in ‘best ever year’

According to the Annual Report and Financial Statements of the Londonderry Port and Harbour Commissioners total profit before tax rose from £1,225,218 in 2013 to £1,533,628 in 2014.

That’s the second consecutive year there’s been a rise of more than 25 per cent in operating profit at the local harbour with the pre-tax total now three times what it was in 2011/12 (£581,867).

Turnover also rose by almost half-a-million pounds from £6,412,615 to £6,908,454 - an increase of seven per cent.

The value of trade through Lisahally is estimated at £1.4 billion and the gross tonnage of vessels was up from 1,864,686 tonnes in 2013 to 2,048,987 tonnes in 2014.

The gross tonnage in cargo was up from 1,822,834 tonnes in 2013 to 1,879,684 in 2014 although significantly the vast majority of this trade was in imports.

In fact, just 95,973 tonnes of cargo were imported in 2014, which was down from 111,343 tonnes in 2013.

Chief Executive Brian McGrath said 2013/14 was a year of transition at Londonderry Port with Ms Bonnie Anley taking over from Garvan O’Doherty as Chairman after the long serving commissioner stood down in February.

Mr McGrath stated: “The year ending 31st March 2014 has been a significant year of transition for the Port.

“We welcomed a new Chair to the organisation and have successfully delivered our latest five year strategic plan with yet another excellent set of results.

“The organisation’s response to the economic downturn saw our expansion into the marine service sector undertaking significant external contracts for the first time.

“This revenue stream provided substantial added value to our in house activities and our successful re-branding of Foyle Port, Foyle Marine Services and Foyle Consulting Engineers served us particularly well through the downturn.

“Our turnover for the year was £6.908 million with operating profit of £1.534 million.”

Mr McGrath also reported that the Port managed to record its best financial performance ever without any pollution incidents whatsoever.

“The Port aims for continuous improvement of the environmental management system through employee training, consultation and involvement in reducing our environmental impact.

“We continue to achieve a low incident rate in relation to injuries and pollution.

“The organisation has steadily reduced the number of injuries year on year with zero pollution incidents recorded for the year 2013-2014,” he said.

This is a development that will have been welcomed by the new Chair, Ms Bonnie Anley, who stood as candidate for the Green Party in the Local Government elections in Newry and Mourne in 2011.

Ms Anley commented: “I have joined the Foyle Port team at a moment when Londonderry Port and Harbour Commissioners have recorded an outstanding year of financial results with the best financial performance ever.

“This is set against the challenges of a difficult commercial climate that has yet to gather any momentum towards growth. I congratulate the Chief Executive and his Senior Executive team on their successful drive to increase tonnage and improve efficiencies within the port.

“This year marks the end of the last strategic plan and I am delighted to report that the aspirational strategic objectives set five years ago have all been achieved.”

Ms Anley said it was a great honour to begin her Chairmanship in the 160th anniversary year of the Londonderry Port and Harbour Commissioners.

“The anniversary celebrations that we held at the time of the Clipper event in June of this year demonstrated, for me, the strength of the Foyle Port brand, the

commercial longevity of the Port and also the vital role played by the Port (past and present) in the social development of the city and the surrounding region.”