Associated British Ports Holdings plc (ABP) has reported annual pre-tax group profits of £132.3m but said its forest products volumes were “flat” during 2005.
ABP said its profits for the year ended December 31, 2005 were 2% up on 2004, while turnover was roughly the same at £434.9m.
ABP group chief executive Bo Lerenius said: “We have invested in a number of new facilities for timber and paper over the past three to four years and we are achieving the returns we’re looking for. It’s an important trade in Newport and even more so in Hull.”
Mr Lerenius described forest product volumes as “flat” in 2005, with marginal growth reported. But he expressed confidence that the sector would continue to expand in the future.
Total ABP forest product volumes (including paper) were 3 million tonnes in 2005.
ABP is currently investing £4.8m in new covered storage facilities at the Port of Hull‘s Finland Terminal, which will accommodate an expected increase in paper and timber product volumes during the coming years. The facility should be operational in early 2006.
The group also reported a rise in timber volumes through TimberLink, a project designed to reduce timber movements by road, at the ports of Ayr and Troon. Timber imports to the two ports from Arran also grew.
ABP said the Port of Newport has seen a revival in forest products traffic due to a £100,000 expansion of WestBank Timber’s operations and Rowlinson Timber‘s decision to start timber shipments into Newport.
Rowlinson has shipped almost 9,000m3 of Scandinavian timber to the port’s south dock since its first shipment in late 2005.
