Partner Article

Sheerness Docks owner Peel Ports Group reports increasing revenues despite profit losses

Owner of Kent’s Sheerness Docks, Peel Ports Group, has reported revenue up £121.8 million despite an overall loss of £6.3 million after tax.

According to The Telegraph, revenues at Peel Ports Group grew by nearly a quarter last year.

The firm, which also runs the Port of Liverpool, saw turnover hit £623.7 million, up £121.8m on the year previous year.

The group, which unveiled a 20-year masterplan for Sheerness last year, reports a loss of £6.3 million after tax, compared with a profit of £17.6 million the year before.

The loss came as a result of the closure of its final salary pension scheme, giving it an exceptional loss of £10.1 million.

Graeme Charnock, chief financial officer, said: “The group again performed well during 2013/14 which has allowed us to report another set of solid results. We’re pleased that Peel Ports has continued to deliver a positive performance while making a huge investment in our future growth.

“While throughput tonnage was broadly the same we experienced some weakness in the petrochemical market. Despite that we have maintained our overall market share of the UK ports market while increasing market share in sectors that we are focused on growing.

This was posted in Bdaily's Members' News section by Ellen Forster .