ABP reports 6.5% annual profit growth
12 May 2013The UK’s largest ports operator, Associated British Ports plc, has reported a 6.3% increase in earnings (£279.5m) before interest, tax, depreciation and amoritsation for the full year 2012.
The figures, down 3% on 2011, still show an EBITDA profit margin of 59% on ports and transport revenue of £471.7m (+11.9%).
ABP said its core ports and transport business continued to deliver growth in its operating performance during 2012, underpinned by a predominantly low risk landlord business model, a diversifield cargo base and long-term contracts with a broad mix of customers and a significant level of guaranteed revenues.
The group’s peformance was driven by strong coal volumes, increased property income and good business in the vehicle and cruise sector. Forest products volumes do not get a mention, although ABP said the majority of other commodities had experienced falling volumes.
During the year ABP sold its 33% share of Tilbury Container Services Ltd for £46.6m, generating profits of £3.8m. It also commenced a tender process for the construction of a biomass handling and storage facility at Humber International Terminal.
The project will cost about £75m, with works expected to be completed in 2014. ABP operates 21 ports around the UK. Its tangible fixed assets are worth £2.78bn.
