Diversification is proving key for Port of Milford Haven

Milford Waterfront is a key part of the Port's diversification strategy

Diversification is proving key for Port of Milford Haven

Wales’ largest port has published its 2017 Annual Report, highlighting how strategic long-term investments have supported the growth of new revenue streams.

It also demonstrates the role of diversification in stabilising financial performance during a period of extreme volatility in a core operation.

The Port recorded a profit before tax of £2.6m and a turnover of £22.4m, while cargo throughput was slightly lower than the previous year at 32.1m tonnes.

The £3m fall in profit was due mostly to the ongoing volatility in the Liquefied Natural Gas industry which saw record low shipments in 2017, and in part to an additional £1m pension service charge due to changes in long-term interest rates.

Despite this, the business is making progress elsewhere, such as the acquisition of Havens Head Retail Park last year.

The retail park will complement the Port’s extensive property portfolio and become a key part of the Milford Waterfront development.

At Milford Waterfront, the Port is creating a desirable place to live, work and play. It will bring together innovative leisure experiences, smart living, and vibrant retail spaces to create close to 600 new jobs in Milford Haven.

Energy remains the Port’s core business stream and it continues to push forward with the development of opportunities for the marine renewables sector.

The collaboration between the Port, developers, and Pembrokeshire’s high-skill supply chain will continue to drive the industry towards commercialisation.

The Port is also working with partners on delivering the Swansea Bay City Region Deal project, Pembroke Dock Marine.

This saw the Port invest £650,000 in the early stage design and consenting process for the proposed changes to its port infrastructure.

The value of the eventual infrastructure changes is not restricted to the marine renewables sector with clear value to other marine industries.

Trading performance at the deep-water cargo handling site, Pembroke Port, saw growth during 2017, with activities such as heavy lift, animal feed and aggregates all contributing to this strong performance.

The Port will continue to move forward with steady confidence and face challenges head-on but, with both Pembroke Dock Marine and Milford Waterfront now emerging as plans in delivery mode, the Port is focused on creating a new economic reality for the region.

The Port of Milford Haven is the UK’s top energy port and Wales’ busiest port handling around 20% of Britain’s seaborne trade in oil and gas.

It is widely recognised in the industry as the energy capital of the UK.