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Enterprise

Redundancies at Peel Ports Group due to 'exceptionally difficult circumstances'

The port giant is behind the likes of Liverpool2 and Manchester Ship Canal

Peel Ports Group is headquartered in Liverpool(Image: Ant Clausen Photography)

Redundancies were made at the ports giant behind Liverpool2 and Manchester Ship Canal despite its profits rising during its latest financial year, new documents have revealed.

Peel Ports Group has posted an EBITDA of £271.9m for the 12 months to the end of March 2021, up from £263.1m, while its pre-tax profit surged from losses of £99.5m to a profit of £141.4m.

However in a statement to BusinessLive, the Liverpool-headquartered group said the change in pre-tax profit is "mainly due to non-trading and non-cash movements in the fair value of derivative financial instruments".

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It added that the pre-tax profit figures "do not reflect trading activity and so should not be relied on for that".

The newly-filed documents with Companies House also show its group turnover decreased from £792.3m to £594.5m over the same period because of the Covid-19 pandemic and it selling its marine support services business in July 2020.

Peel Ports is one of the largest port operators in the United Kingdom and also operates sites in Clydeport, Dublin, Great Yarmouth, Heysham and London Medway.

The accounts also reveal the number of people employed by the group slumped from 3,135 to 1,612 during the year.