- Turnover experiences a significant increase from £617.8m to £696.3m.
- Lower volumes are handled by both Ports and Shipping segments.
- Peel Ports Group serves as the Statutory Port Authority for various key locations.
Pre-tax profits skyrocket from £66.6m in 2022 to an impressive £397.3m. Turnover experiences a significant increase from £617.8m to £696.3m, reports Business Desk.
Shipping Segment Dominance
A noteworthy 48.2% increase in the shipping segment turnover, attributed to higher charter and bunker rates.
Dividend Payout
Ordinary dividend rises to £138.9m, a substantial increase from £88.9m in the previous year.
Tonnage Throughput Challenges
Tonnage throughput of commodities sees a decrease from 65.8mt to 63.6mt. Lower volumes handled by both Ports and Shipping segments due to container market disruptions from the war in Ukraine and global economic uncertainty.
Industrial action in Liverpool container terminals during 2022 contributes to the volume decline.
Agility in Challenging Markets
Peel Ports Group attributes strong results to its ability to navigate risks and capitalize on opportunities in challenging market conditions.
Financial Operations
Successful fundraising of £349.5m during the year through private placement loans and £76.9m from a bank loan.
Repayment of £231.9m in bank facilities and institutional/private placement loans.
Diverse Port Authority Role
Peel Ports Group serves as the Statutory Port Authority for various key locations, including the Port of Liverpool (UK’s third-largest port), Manchester Ship Canal, River Medway, River Clyde, Ardrossan Harbour, Twelve Quays at Birkenhead Docks, and Heysham Port.
Acquisition of Humber Bulk Terminal for £24.5m in March last year.
Operational involvement in Great Yarmouth Port and Dublin Port for container facilities, freight forwarding, and cargo handling services.
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Source: Business Desk
