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Business & Economy

Port of Tyne announces profits increase and a new 30-year strategy

Port of Tyne has announced a pre-tax profit increase of £2.1 million and a turnover rise of 22 per cent to £57.5 million in 2018. They used the occasion to announce their Tyne 2050 strategy, outlining their plans over the next 30 years.

The port authority — which is based in South Shields — revealed that almost all its revenue streams have improved over the last 12 months. As a result, the company’s EBITDA was £11.7 million, a 54 per cent rise from the previous year.

Matt Beeton, Port of Tyne CEO, said: “2018 proved to be a financially successful year allowing us to invest £8.7m in facilities to support our growth. And, 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.”

Port of Tyne also unveiled its Tyne 2050 strategy, outlining its vision for the next 30 years to stakeholders.

It was designed to incorporate themes of technology, business development, infrastructure planning, safety and environmental management, people, security, and resilience and community.

Tyne 2050 is aligned with the government’s Maritime 2050 strategy, a plan for the country’s maritime future. The UK-wide plan was developed by a team of industry experts, which included the Port of Tyne’s own chair, Lucy Armstrong.

She 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.

“Safety remains a priority and 2018 saw the Port obtain the ROSPA Gold Medal award. As we work towards the objective of zero harm and in line with the Maritime 2050 strategies, we aim to make progress around technology, risk and controls, innovation and diversity, and we are undertaking initiatives across the Port that will help grow the business and better serve our customers.”