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."

Comments (3)

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5:31pm Mon 7 Apr 14

Gogledd says...

Can I open a debate?...to me the Govt at Westminster cannot wait to get rid of Wales. Cameron has offered to give us tax raising powers, now the Lib Dems and Labour want to offer us greater devolved powers...why?. My conspiracy theory is that Westminster wants rid of the Welsh BURDEN by any means. When u see what is happening to the Health System in Wales and the fact that there are few jobs to be had in North Pembrokeshire and massive job losses forecast in Milford and Pembroke. I am strongly Patriotic to Wales but I am not a Nationalist. I do not want to see Wales fail and Welsh people suffer as a result of lack of constant political blunders and cut backs. We are already seeing the situation at Wythybush Hospital develop and the whole charade at Pembrokeshire County Council unfold. Just wondered if anyone else had any comments or thoughts on the whole thing. Very sad about Mustang Marine and the whole situation at Milford Haven but if you put all your eggs into one basket then maybe this is what happens...I dont know...I despair for the future of young people in Pembs and West Wales in General.
Can I open a debate?...to me the Govt at Westminster cannot wait to get rid of Wales. Cameron has offered to give us tax raising powers, now the Lib Dems and Labour want to offer us greater devolved powers...why?. My conspiracy theory is that Westminster wants rid of the Welsh BURDEN by any means. When u see what is happening to the Health System in Wales and the fact that there are few jobs to be had in North Pembrokeshire and massive job losses forecast in Milford and Pembroke. I am strongly Patriotic to Wales but I am not a Nationalist. I do not want to see Wales fail and Welsh people suffer as a result of lack of constant political blunders and cut backs. We are already seeing the situation at Wythybush Hospital develop and the whole charade at Pembrokeshire County Council unfold. Just wondered if anyone else had any comments or thoughts on the whole thing. Very sad about Mustang Marine and the whole situation at Milford Haven but if you put all your eggs into one basket then maybe this is what happens...I dont know...I despair for the future of young people in Pembs and West Wales in General. Gogledd
  • Score: -1

5:35pm Mon 7 Apr 14

Gogledd says...

people suffer as a result of lack of constant ..woops should have proof read it...should read as a result of.constant....sorry
....:-)
people suffer as a result of lack of constant ..woops should have proof read it...should read as a result of.constant....sorry ....:-) Gogledd
  • Score: -1

12:08am Tue 8 Apr 14

andoman says...

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.
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. andoman
  • Score: 4

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