Port of Tyne reveals 2018 pre-tax profits and performance

The Port of Tyne saw adjusted pre-tax profits increase to £2.1m and turnover rise by 22 per cent to £57.5m in 2018.

Almost all existing business streams are said to have seen an improvement in performance. As a result, 2018 EBITDA rose by 54 per cent to £11.7m.

Matt Beeton, Port of Tyne’s chief executive officer, said: “2018 proved to be a financially successful year allowing us to invest £8.7m in facilities to support our growth.

“Looking forward, in January 2019 the Port secured a £60m refinancing package from Lloyds Bank Commercial Banking, ensuring we can continue to capitalise on our sustainable growth strategy going forward in to 2019 and beyond.

“Thinking long-term and preparing for the future will set us on the path of meeting our vision of growing the business, creating a sustainable port that continues to add over £621m to the economy.”

Matt Beeton has also announced to stakeholders plans to launch a Tyne 2050 strategy; fully aligned with the governments aspirations laid out in Maritime 2050 - which was developed in collaboration with a panel of industry experts.

The port continues to place its values at the heart of everything it does and consequently, was successful in retaining the Investors in People Gold Standard in 2018.

Lucy Armstrong, Port of Tyne chair, said: “It’s a real team effort and everyone at the Port is working hard to meet the challenges ahead and propel the port forward to 2050 and beyond.”

Like all UK businesses, the full implications of Brexit and new trade agreements see the Port prepare for profound political and economic change, with challenges and opportunities ahead.