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HAT-TRICK FOR THE PORT OF BLYTH FOLLOWING THIRD CONSECUTIVE RECORD FINANCIAL RESULTS

Posted on 23 April 2024

HAT-TRICK FOR THE PORT OF BLYTH FOLLOWING THIRD CONSECUTIVE RECORD FINANCIAL RESULTS

The Port of Blyth announced record financial performance for the third consecutive year at its recent Annual Public Meeting.

The Port was delighted to share that overall Group turnover grew to £31.5 million which translated into record profitability, with operating profit and profit before tax increasing to £3.9 million and £3.6 million respectively. The core port operating business remains the main contributor to Group performance but is strengthened by the Port's logistics, forwarding, export packing subsidiary and in-house training services.

In 2023, the Port continued to excel as a leading offshore energy support base, mobilising two of the world’s largest offshore windfarms and providing significant vessel and onshore handling activity. Other offshore energy activities ranged from the handling of specialist subsea equipment, heavy project lifts and significant support for the decommissioning sector. This included the decommissioning of the largest oil and gas topsides and jackets handled to date at the expanding facility at Battleship Wharf. The Port also remained an important hub for the movement of a range of project, containerised, dry bulk and break-bulk cargoes.

Forwarding and logistics subsidiary, Transped, continued to provide a high-quality, door-to-door worldwide service to its growing customer base throughout 2023, maintaining the twice-weekly container service between the Ports of Moerdijk and Blyth. Meanwhile, Port Training Services (PTS) had a successful year, offering training in heavy industry, offshore renewables, and the Port sector. As the leading provider of the Port Operative apprenticeship in the UK, PTS expanded its program nationwide, training 78 apprentices in 2023 to support the future workforce of the Port industry.

Additionally, the Group made considerable progress in delivering more sustainable port operations, which led to an overall reduction of 26.4% in carbon emissions generated from Port activities with the aim of becoming carbon neutral by 2040.

Martin Lawlor, Chief Executive of Port of Blyth, said: " I am delighted to announce yet another record year, re-enforcing the Port's status as one of the UK’s leading offshore energy bases. The hard work and commitment of our team has been instrumental in achieving this success, and I am proud to see the Port thriving and growing year on year.”

Chair of the Board of Commissioners, Catherine Young, added: "As I embark on my new role as Chair, I am thrilled to oversee such positive performance for the third consecutive year. With a strong foundation and a clear vision for the future, I am confident that the Port will continue to expand and prosper for the benefit of the regional economy and its communities."

The Port's performance was reported at its Annual Public Meeting which was recently held both in-person and online. This important event forms a significant part of the Port of Blyth's commitment to its stakeholders as a leading UK statutory Trust Port.

During the event, the Port launched its Annual Review 2023, which is available to download here: https://portofblyth.co.uk/wp-content/uploads/dlm_uploads/2024/04/Annual-Review-2023.pdf

Watch the Port of Blyth's Year in Review video here: https://youtu.be/6It4fbOAXyM?si=CHATQsnOurqxZyoD

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