Growth in work within the global offshore sector has triggered record results at the Port of Blyth for a third consecutive year.
The port has held its Annual Public Meeting to shine a light on rising revenues and record profitability, with turnover rising from £30.4m to £31.5m. Operating profit rose from £3.7m to £3.9m, while pre-tax profit increased from £3.3m to £3.6m.
It said its core port operating business proved to be the main contributor to the results in 2023, with the annual figures strengthened by success in its logistics, forwarding, export packing subsidiary and in-house training services. Unveiling its annual report to stakeholders, the port – which now has 52 businesses based on site connected to the clean energy sector – said it continued to excel as an offshore energy support base, mobilising two of the world’s largest offshore windfarms and providing significant vessel and onshore handling activity.
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Other offshore energy activities included the handling of specialist subsea equipment, heavy project lifts and significant support for the decommissioning sector. Work included the decommissioning of the largest oil and gas topsides and jackets handled to date at the Battleship Wharf facility.
The port said its forwarding and logistics subsidiary Transped, which provides a door-to-door worldwide service to a growing customer base, continued to play a key role at the port and maintained the twice-weekly container service between Blyth and the Port of Moerdijk, in the Netherlands, although it had a more challenging year, resulting in a turnover drop from £12.2m to £10.9m.
Meanwhile, Port Training Services (PTS) noted a successful year, offering training in heavy industry, offshore renewables, and the port sector. It expanded its programme nationwide, training 78 apprentices in 2023 to support the future workforce of the port industry.
The report also highlight how the record numbers during 2023 meant a number of key investments to go ahead, with an increased capital expenditure of £5.9m committed to large-scale projects across the port estate. Major developments during the year included the installation of static cable tanks at Battleship Wharf, the building of an offshore construction base for a key customer, and upgrading of the Battleship Wharf facility.
The group said it also 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.
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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 海角视频’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.”