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The Port of Tyne in North East England saw adjusted pre-tax profits increase to £2.1m and turnover rise by 22% to £57.5m in 2018, with almost all existing business streams seeing an improvement in performance. As a result, 2018 EBITDA rose by 54% to £11.7 million.
Matt Beeton, Port of Tyne Chief Executive Officer, said: “2018 proved to be a financially successful year allowing us to invest £8.7m in facilities to support our growth and looking forward, in January 2019 the Port secured a £60m refinancing package from Lloyds Bank Commercial Banking, ensuring we can continue to capitalise on our sustainable growth strategy going forward in to 2019 and beyond.
“Thinking long-term and preparing for the future will set us on the path of meeting our vision of growing the business, creating a sustainable port that continues to add over £621m to the economy.”
The Port’s Chief Executive Officer announced to stakeholders today plans to launch a Tyne 2050 strategy; fully aligned with the governments aspirations laid out in Maritime 2050 – which was developed in collaboration with a panel of industry experts, including the Port of Tyne’s Chair Lucy Armstrong.
Tyne 2050 is based around the themes of Technology, Business Development, Infrastructure Planning, Safety and Environmental Management, People, Security and Resilience and Community.
“We need to think long-term and Tyne 2050 will develop initiatives that seek to meet the challenges of the UK’s maritime and transport infrastructure, by strengthening collaborations with business and the community, supporting skills and innovation,” said Matt Beeton.
The port continues to place its values at the heart of everything it does and consequently, was successful in retaining the Investors in People Gold Standard in 2018.
Lucy Armstrong, Port of Tyne Chair, said: “It’s a real team effort and everyone at the Port is working hard to meet the challenges ahead and propel the port forward to 2050 and beyond.
“Safety remains a priority and 2018 saw the Port obtain the RoSPA Gold Medal award. As we work towards the objective of zero harm and in line with the Maritime 2050 strategies,
…we aim to make progress around technology, risk and controls, innovation and diversity and we are undertaking initiatives across the Port that will help grow the business and better serve our customers.”
Like all UK businesses, the full implications of Brexit and new trade agreements see the Port prepare for profound political and economic change, with challenges and opportunities ahead.
The Port of Tyne alongside all major UK ports, remains vital to the economy.