Market

ABP sees revenues return to pre-pandemic levels

The UK’s largest port operator, ABP, has seen revenues return to pre-pandemic levels.

A turnover of £579 million equalled that generated in 2019, having suffered a £37 million dip as coronavirus took hold.

The largest uptick for the 21-port operator came in the cruise market, with 2021 seeing a 95.9 per cent increase on revenues in that sector.

Read more: Huge Humber ferry terminal plan for ABP and Stena Line is scaled down

Bulk cargo volumes were up 14.2 per cent to 56.3 million tonnes from 49.3 million tonnes in 2020, with a slight increase in containers “primarily due to improved trading conditions as the Covid-19 pandemic stabilises,” however biomass, vehicle and roll-on roll-off revenue drops partly offset the gains.

Underlying operating profit “considered by the board to provide a good representation of the performance of the business”, was up 8.8 per cent from £198.4 million to £216 million.

It had been £244.1 million in 2019 – on 80.9 million tonnes handled.

Coal coming off the energy system and a substantial iron ore import loss with the return of operations at Immingham to British Steel have also played a part in that drop alongside economic factors.



There’s no better time to stay up to date with economic and business news from your region. By signing up for our daily newsletters, email breaking news alerts and weekly round-ups from all the major sectors, you get our journalism direct by email. To sign up, find out more and see all of our newsletters, follow the link here

Staff numbers remained fairly constant, at 2,245.

Post-Brexit and ongoing pandemic-led economic uncertainty was highlighted as a principal risk beyond catastrophic events involving high hazard operations.

The loss of either the Scunthorpe or South Wales’ steel making plants it supports was flagged as a “distinct risk to the company” with ABP stating how the ongoing Covid-19 pandemic has exacerbated the challenges faced by the UK’s steel industry and “has increased uncertainty over the long-term viability for UK steel production”.

On the Ukrainian situation, ABP said the wider group is “carefully monitoring the fast changing nature and extend of the economic sanctions on Russia and liaising with the relevant authorities.”

While reduced trade flows are anticipated, ABP does not expect it to threaten viability.

Keep up-to-date with all the latest developments – follow BusinessLive Humber on Twitter and LinkedIn.



Source link

Leave a Reply

Your email address will not be published.