Business

Foyle Port reports sixth consecutive year of growth as turnover surpasses £9m

Foyle Port has announced its sixth consecutive year of turnover growth
Gareth McKeown

FOYLE Port has announced its sixth consecutive year of growth, with turnover surpassing £9 million for the first time.

It has been a record year at the port, with revenues rising by 6 per cent from £8.6m to £9.1m. Operating profit has fallen though during the

2017/2018 financial year from £2.2m to £1.8m.

Foyle Port reinvests all its profits to continually improve the business and upgrade facilities and the recent financial success has allowed the Port to undertake a period of significant capital investment in assets and infrastructure. This has included an expansion in the harbour estate by 23 acres and an increase in the capacity of the marine fleet.

The average number of employees also increased by approximately 10 per cent over the year to 100 employees, representing payroll costs for the organisation of £3.6m per year.

Foyle Port chair, Bonnie Anley said they the business is in a comfortable financial position to navigate the change and uncertainty of Brexit .

"Our strong business model, coupled with our dedicated port team, leave me in no doubt that Foyle Port has the flexibility needed to adapt to a new commercial context and the innovation needed to capitalise on all new opportunities arising in the future."

“Since the launch of our new strategy, our performance has outstripped targets and the Port business has continued to grow. This model has increased our resilience and put Foyle Port on a strong footing to meet any challenges that lie ahead," she said.

Foyle Port chief executive, Brian McGrath hailed the "outstanding" financial results.

“The outstanding corporate performance of the organisation, year on year, demonstrates the in-depth strength of our operational team.

“The Port's location at Lisahally underpins our key position as an Atlantic gateway for the United Kingdom and Europe. Furthermore, the Port's operations straddle both British and Irish jurisdictions.”

In relation to the potential forthcoming City Deal to help drive forward economic growth, Mr McGrath added that the Port is ready to play its role in support.

“The Port Economic Zone naturally sits across the wider City Region. With multi deep-water terminal locations within the harbour, and an extensive port landbank with close proximity to industrial power, we are ready to play our part as an industrial platform in support of a City Deal for Derry / Londonderry.”

Foyle Port handles over £1bn worth of commodities a year and has a £40m fixed asset base. In addition to tripling its turnover in the last 15 years the business has re-invested over £30m as part of the long-term capital expenditure programme.

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