ABP's forest product volume grows in first half
14 October 2013The UK’s largest ports company Associated British Ports (ABP) has reported an increase in forest products trade for the first half 2013 and a 10.2% growth in underlying operating profits to £123.5m (2012: £112.1m).
ABP Holdings Ltd, which handles 22% of UK sea-borne trade by volume, said its ports and transport revenue rose 5.7% to £244.9m in the six months ended June 30.
Overall breakbulk volumes, including sawn softwood timber, were up marginally, but the value of the imports were up 7.6% to £19.8m. Breakbulk represented 6% of the total cargo handled at ABP's ports.
Volumes and revenue were driven mainly by strong coal, iron ore and the vehicles trade.
ABP is working on a number of landmark projects at its ports, including extending container facilities in Southampton, expected to be operational early 2014.
A £75m project to upgrade shore side handling and storage of biomass at Immingham renewable fuels terminal is expected to by complete in Q4, 2014, while ABP has an agreement with Siemens for "Green Port" in Hull, to develop a 134-acre wind turbine and export facility in Alexandra Dock.
It has also made additional developments for the car trade at Grimsby which conclude in July.
ABP Holdings has current lending facilities of £2bn, of which £1.8bn is drawn. It is expecting increased profits in the 2013-2016 period, predicting consolidated EBITDA of £334m in 2012.
