DERRY’S Foyle Port has reported a record annual turnover in its latest accounts.
Turnover rose to £9.1 million in the year to the end of March while the port reported an operating profit of £1.8 million for the same period.
The 2017/18 accounts show turnover at the port has trebled in the last 15 years.
Foyle Port’s chairman Bonnie Anley said the port is “on a strong footing to meet any challenges that lie ahead”.
“As we move closer towards Britain’s exit from the European Union we will need to navigate change and uncertainty, both locally and nationally,” she said.
“Our strong business model, coupled with our dedicated port team, leave me in no doubt that Foyle Port has the flexibility needed to adapt to a new commercial context and the innovation needed to capitalise on all new opportunities arising in the future.”
It is the sixth consecutive year of growth recorded at the port, which handles more than £1bn worth of commodities annually.
Foyle Port says that performance has allowed it to undertake a period of significant capital investment including a 23-acre expansion in the harbour estate.
It has also reinvested more than £30 million as part of a long-term capital expenditure programme and increased its workforce by 10% to 100 employees.
“We feel very across what Brexit may or may not challenge us with,” added Bonnie Anley.
“We have a readiness for it, although nobody knows at this point or time what Brexit will bring.
“40% of our traffic comes from Europe and 40% goes over the border to the Republic of Ireland so we’ll have our work cut out to ensure processes work, but we are confident that we are ready to do that.
“30% of our staff come across the border which is the norm in the north west. We are a location based economy and borders don’t apply, so there will be challenges in relation to the freedom of movement. However, we feel confident we are ready for what Brexit will bring.”
The port’s chief executive, Brian McGrath, said the “outstanding corporate performance” was testament to “the in-depth strength of our operational team”.
He said its Lough Foyle location “underpins our key position as an Atlantic gateway” for both the UK and Europe.
“Furthermore, the port’s operations straddle both British and Irish jurisdictions,” he said.
Mr McGrath said the port is ready to play its “part as an industrial platform in support of a City Deal for Derry”.
Tags: