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  • "Don't despair!

    Suddenly, for the first time in more than 100 years being a peninsula could be our salvation. Not only are we best placed for some of the most progressive energy industries, we also have a landscape and quality of life that is drawing great minds, ideas and practitioners to move (and return) to live and work here. Suddenly communication technology means location is not the be all and end all. Pembs can and does work. Yes we are led by donkeys but that's going to change. And the UK needs our resources and infrastructure so we are not going to be left by the wayside... Chin up."
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Port of Milford Haven profits down again as LNG shipments fall and boatbuilder collapses

THE collapse of boat building company Mustang Marine and a drop in LNG shipments has resulted in The Port of Milford Haven reporting a significant loss in profits.

The turnover for 2013 was £22.5 million, slightly down on 2012’s total of £22.7 million.

Pre-tax profits were just under £1.5 million, down from more than £4.1million in the previous year.

Commenting on the results, the chairman of the port, Peter Jones said: “We are naturally disappointed by the failure of Mustang Marine, and the write-off of our investment has had a marked effect on our results. However, we remain hopeful that we and others can find a way forward so we can protect the talent and potential that undoubtedly exists in shipbuilding and marine fabrication here.”

As a trust port, The Port of Milford Haven has no shareholders and all its profits are reinvested back into the business. It continued to invest substantially in the year, reporting more than £10m of capital expenditure that included construction of new lock gates in Milford Dock and a large-scale solar PV installation that is now operational.

In Short Sea operations, where revenues are generated by commercial activities based in Pembroke Port and Milford Dock, fish volumes landed in the year at 5,300 tonnes were higher than in 2012, and ferry and other volumes at Pembroke Port were broadly stable.

Alec Don, chief executive of the port, said “Despite the subdued results, the port is generating cash and will invest in support of its strategy of developing Pembroke Port as a centre for servicing the marine renewables sector and Milford Dock as Wales’s largest fishing port.

“Of course we have the responsibility of being a key strategic energy port for the UK, but we can clearly see the effect of the port’s over-exposure and vulnerability to this single commodity sector of energy fuels. We must continue to retain a strong cash reserve to help us adjust when necessary and sustain an investment programme through tough times."

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