Property and shipping group Forth Ports today forecast another year of plain sailing, despite the tough economic climate.
Edinburgh-based Forth said trading conditions over the last few months had been “difficult”. But chief executive Charles Hammond added: “We believe that our broad business base and range of growth and value added projects should allow us to make further progress.
“I look forward to the challenges of 2002 and believe that it will be another successful year for the group.”
Forth’s property arm last month received a boost when Edinburgh council gave a £600m project to develop the Western Harbour into apartments, offices and retail outlets the go-ahead.
Turnover increased 10% to £133.8m in the year to December 31, while pre-tax profits came in above analyst forecasts at £39.1m, up from £37.1m.
Total tonnage rose by just over 1% to 50.1m tonnes and the group said performances across its Scottish ports – Grangemouth, Rosyth, Leith and Dundee – had been “very strong”.
Hammond said: “Certainly in Scotland there’s been a growing trend towards shipping because of the rail network and haulage costs.
“It’s also further away from the main markets of Europe so people need to find the most cost-effective way of shipping material.”
Tonnage at Grangemouth was up 9% despite the loss of 50,000 tonnes of dry bulk cargo a year after a customer closed down.
Rosyth benefited from a new timber treatment plant and tonnage surged 48%. It also won a £10.9m grant towards the construction of a ferry terminal, due to open in August.
Forth will also expand Dundee during 2002, upping the port’s capacity and facilities for North Sea oil related activities.
Tilbury, however, had a tougher 2001 and tonnage increased by just 1%. While scrap, cement and coal cargos were on the up, the export of grain slumped because of poor weather conditions during the planting season.
But overall, chairman Christopher Collins said: “2001 was another record year. We remain confident that 2002 will be another successful year.”
Shareholders will receive a total dividend of 30p a share, up from last year’s payout of 27p. Shares in the group jumped 10p at 805p at the start of trading.
EGi News 25/03/02
