THOUGHT LEADERSHIP
Best results in 162-year history bodes well for future of Foyle Port
By Bonnie Anley, Chair, Foyle Port
ast month we published the strongest ever results for Foyle Port in its 162
Lyear history. This comes at a time when there is a lack of clarity on the future arrangements of the likes of the customs union, single market and common travel area.
Speculation on transition periods and general goodwill towards a practical solution to the Northern Ireland border conundrum are yet to manifest into firm agreement, and the lack of a sitting Northern Ireland Assembly weakens our collective voice at a time when it is needed most.
But we must not let the political environment impact upon the need to drive trade forward. We must not let business confidence be eroded as it deters investment.
Record Results
This year we welcomed a £ 2.2million operating profit on a turnover of £ 8.6million, which reflects our hard work, not only in the previous twelve months, but across the last five years.
Our strategy to increase the diversification of the service offering of the Port whilst avoiding an overreliance on crossquay trade, has been a sound one and we continue to see it develop strongly.
This has all led to the organisation trebling in size in recent years facilitating approximately £ 100 million of inward investment into the northwest region. More specifically capital investment during 2016 / 17 totalled £ 3.6 million including the purchase of a state of the art tug which will help safeguard the shipping operations in Lough Foyle for the future.
Reinvestment
It is not only our duty, but our vision to grow and constantly improve the business and reinvest our profits for the benefit of future generations of stakeholders. We have therefore developed a strategy that works with our many stakeholders on many different levels.
Already we have reinvested over £ 30 million as part of our longterm capital expenditure programme and have amassed a fixed asset base of £ 40 million.
Such a financial position means we are moving ahead with confidence and continue to support over 1,000 jobs in the region. The Port’ s average number of employees has increased to 92 over the last year.
This includes permanent employees, plus a number of full time equivalent positions. In all, it represents a salary contribution of £ 3.2 million per annum.
Brexit
The port continues to play a significant part in the business life in the northwest city region and on both sides of the border.
Foyle Port is a strategic asset for us all and will play an integral part as an invaluable gateway to the Republic, and the EU.
As a wider economic zone, our work at the port transcends politics and borders and we are committed to delivering our commercial and statutory duties whatever happens.
We are still unsure what type of Brexit we are facing, but the case must be made by our political leaders and the business community, that a hard border is not good for anyone.
The progress we have made in the last decade has been good, but we have always had to work harder to ensure those benefits travel as far as the North West, and quite often they do not.
Future Plans
Foyle Port has a significant land resource surrounding the port development at Lisahally. The Commissioners are committed to continuing their strategy of growth and diversification with land acquisition and development. In 2016 / 17 the Commissioners committed £ 700K of port funds for the purchase of key adjacent lands required to provide vital capacity for future growth.
We move into the next year with great enthusiasm as our plan to develop a new cruise ship terminal continues to gain strong support from those who recognise the massive tourism potential in this part of the island of Ireland.
44 www. businessfirstonline. co. uk