Mersey Docks reports small profits but Dublin traffic up 25%

Mersey Docks and Harbour Company, Britain's number 2 port operator behind Associated British Ports has reported a small increase in underlying full year profit, in line with market expectations, and said although the economic climate remains uncertain it is well positioned to benefit from any upturn.

For the year to December 31 2003 the group - which operates out of Liverpool, the Medway ports of Sheerness and Chatham, Heysham, and Dublin - made a pre-tax profit before goodwill amortisation of £55.2m (€81.02m) compared to last year's £54.6m (€80.14m).

This was achieved on turnover up 8.9% to £297.4m (€436.55m).

Chairman Gordon Waddel said: "The group's performance in 2003 was in line with our expectations and a stronger second half delivered growth in our core ports business".

Tonnage of cargo shipped through the three main ports (Liverpool, Medway and Heysham) increased 3.3% and the volume of containers handled at Marine Terminals in Dublin was up 23.6%.

The shipping division increased turnover fractionally to £88m (€129.17m) and operating profit before goodwill to £2.7m (€3.96m).

Waddel said that in the main port operations division, the outlook for container volumes is "positive" and any uncertainty over Irish Sea roll-on roll-off services is now largely resolved with the re-structuring of NorseMerchant Ferries and the expected closure of the competing Mostyn-Dublin route.

The group said it would keep its share repurchase programme under close review, but noted with the share price at or around the current level, the case for repurchases is less compelling.