Belfast Port reports record profits and business

The Port of Belfast reported today that 2007 was a record year for profits and business.

Pre-tax profit was up an impressive 18% to £22.1m (€27.8m), turnover was up 8% at £31m (€39m) and trade grew to a record 17.5 million tonnes with an estimated value of £21bn (€26.4bn).

Port chairman Len O’Hagan said: “2007 was another excellent year for the Port of Belfast, reflecting strong growth in the wider economy driving imports and exports.

“There was also continued growth in specialist trade sectors, such as paper, in which the port has invested in bespoke handling facilities which are among the most modern in these islands.”

Although it was the fifth straight year of growth for the Port, he said there were indications towards the latter part of 2007 that trade had started to slow down.

“This was particularly noticeable in trades associated with the construction sector such as timber and cement,” said Mr O’Hagan.

However, he said the port was a diverse business and on the plus side container traffic was up 11% – reflecting the first full trading year for Irish Continental’s Belfast terminal and increased traffic at the port’s other container terminal operated by Coastal Container Line.

Passenger numbers were also up 4% to just under 1.3 million.

Some 20% of tonnage handled at the port was either on its way to, or from, the Irish Republic.

However, with the slowing of economic activity across the island this year, the port anticipates that the growth in Irish tonnage will slow also.

During last year the port started work on a new £37m (€46.5m) terminal for Stena Line – which opened last month – completed a 30,000 sq ft general warehouse and purchased a £1.7m (€2.1m) mobile crane.

Mr O’Hagan said: “Port development is highly capital intensive and requires long-term planning. In that regard the port spent £32m (€40m) in 2007 and has committed a further £42m (€52.8m) on major infrastructure projects – all as part of its £630m (€792m) ’Project 2025’ which will enable Belfast to handle double its current trade throughput by 2025.”

Away from shipping, Mr O’Hagan said that in the 15 years to 2007 the port had been responsible for a six-fold increase in land development – from 40 to 270 acres and an increase in floor space from 855,000 sq ft to 5.2m sq ft.

During last year the progress was maintained, he said, with the granting of Phase II planning for Titanic Quarter which the port is co-promoting, additional development at Clarendon Dock and the opening of Ikea’s first Irish store.

Meanwhile, the logjam over the future powers and responsibilities of the port had been broken by the return of devolution and a locally accountable minister.

“The minister and the cross-party Committee for Regional Development have agreed in principle that Northern Ireland’s Trust Ports should be given the capability to develop their full potential and compete on equal terms with other ports in the UK and Ireland.

“The detail of the new constitutional framework is currently being worked out and we are confident that this will enable Northern Ireland’s Trust Ports to meet the challenges of the new century,” he said.