The Port of Milford Haven’s diversification strategy has helped it regenerate record revenues despite a slight dip in shipping and cargo levels.
The port, which along with the port of Port Talbot has been assigned freeport status, posted revenues of £41,3m for 2023, up nearly 5% on the previous year. In its 65th year of trading the port also increased profits to £4.1m.
While shipping numbers were down (to 1,909) and cargo (to 34.7m tonnes), the port’s marine division remained busy - shepherding 58.7 million gross tons of shipping in some of the world’s most challenging sea conditions.
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Healthy trading for the port’s cargo handling, property, and hospitality and tourism divisions also highlighted the success of its long-term growth and diversification strategies. Its waterfront 100 bedroom hotel, the Ty Milford, performed strongly in its first full year of trading. Its solar energy income was up £600,000 to £1.7m with leisure revenues up £1.5m to £4,4m. It employs just over 250. The port has net assets of £79.2m.
It growth and investment plans focus on expanding its pilotage capability, developing infrastructure to become a leading renewable energy hub, and furthering its hospitality offering.
The port’s investment in a new pilot boat during the year is a key step in supporting its pilotage growth ambition. Its renewables growth strategy also took a significant step forward during the year with the completion of new infrastructure; the enlarged slipway and new laydown areas, office facilities and workboat pontoon. The investment was supported by the £60m Pembroke Dock Marine project - one of the schemes backed by the Swansea Bay City Deal.
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Notwithstanding a successful overall year of trading, the fishing and ferry related elements of the business continue to struggle with declining performance as a result of reduced demand.
The port’s chief executive Tom Sawyer said:“2023 has been a stand-out year for us, with record turnover and increased profitability. In keeping with our trust port status, we’ll be reinvesting our profits back into the business. This will translate into jobs and opportunities for our communities long into the future. We also completed major infrastructure projects, but that’s just the start of our plans. As part of a key energy and shipping hub, we’ll keep investing to ensure we continue to meet industrial demand.
“And our decision to diversify into hospitality and tourism has gone from strength to strength, enhancing our financial stability but also adding to the types of opportunities our community can enjoy.”
To support its diversification strategy it recently secured a £40m new funding line from HSBC.