The Port of Tyne has fallen to a loss despite a small increase in its turnover last year, new accounts reveal.
The port has released its annual report for 2022 in which turnover rose from £47.3m a year earlier to £48m. Over the same period, the port saw its adjusted profit before tax fall from £1.7m to £1.4m and this became a loss before tax of £3.5m after taking into account a revaluation of investment properties.
The port said the number of cars - a key export cargo - passing through the port declined by 9% as the automotive market struggled with a continuing shortage of semiconductors. Overall bulk volumes fell by 37%, meanwhile, largely due to temporary reduction in demand of biomass.
Read more: new finance package boosts Port of Tyne's green push
But there were rises in revenue from the port’s cruise and ferry, logistics and estates sections. Port bosses celebrated the signing of long-term contracts with a number of key customers and said that its efforts to take advantage of the surge in the green economy were continuing well.
Chief executive Matt Beeton said: “Whilst the impacts of the pandemic are now, largely, behind us here in the 海角视频, businesses were faced with another set of global challenges last year including increased fuel prices and commodity shortages. The Port continues to make significant progress nonetheless.
“Our ‘Customer First’ initiative is delivering increased value for our customers and our transformation programmes are providing safer, cleaner and more efficient operations across the Port. We were delighted to sign new long term partnerships with a number of existing customers including Drax and EMR as well as Nissan, as we work with them to deliver their energy and automotive transition in the region.
“We also saw a particularly strong rebound in our cruise and ferry operations in 2022 with over half a million passengers travelling through the port last year and an even stronger set of cruise bookings going forward. The Equinor and Dogger Bank quayside facility was also largely completed, signalling a new era for the Port, and this transformation was supported by our largest programme of investment in a decade.”
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Mr Beeton said the port strategy to reduce carbon emissions was continuing well, while it was also making “really exciting” investments in technology and infrastructure.
Last week the port reported that it had secured £100m of finance to support its support its plans to grow in the green energy and logistics sectors. The port has negotiated £50m from the Government’s Infrastructure Bank, along with £45m of long-dated loan notes from Pricoa Private Capital and a £5m revolving credit facility from Lloyds Bank.
The annual report includes an assessment of the trust’s impact on the regional economy, which it said had increased to £693m. That sum was said to include an increase in activity in the passenger terminal as a result of cruise calls returning, as well capital investment and the impact that has on local suppliers.