THE Port of Milford Haven has published its accounts for 2014, showing a good performance in what was a challenging year for the local economy.

The Port recorded an underlying operating profit for port operations of £3.4m compared to £3.5m in 2013.

Turnover was up by around £0.5m on 2013, at just over £23m.

The ending of refining operations at Murco, and the consequent reduction of cargo volumes, the core source of revenues paid to the Port of Milford Haven, was offset by increased LNG shipments.

During the year, the Port completed a two year investment programme of approximately £14m which included the Milford Haven Dock Lock and the Liddeston Ridge Solar Array.

“We adjusted in good time, as all businesses have to, to the reduction that occurred in our core business in order to ensure that we finished the year with a strong balance sheet and good and improving levels of profitability and growth in other parts of our business,” said Alec Don, Chief Executive of the Port of Milford Haven.

“Our Solar PV investment has resulted in the Port becoming carbon neutral in relation to its own operations. This also symbolises a bridge between traditional energy related activities and exciting new opportunities presented by the emergence of the Port as a key player in marine renewable energy fabrication and servicing,” continued Alec. “We are investing in facilities and working with partners to help grow this sector. It is an exciting time for marine renewables, which promises to bring more jobs and investment over the coming years.”

To view the Port of Milford Haven’s 2014 Annual Results visit www.mhpa.co.uk/annual-report