Foyle Port has announced a new record turnover of £9.1million, with an operating profit of £1.8 million for the 2017/2018 financial year.
Now in its sixth year of consecutive growth, Foyle Port reinvests all its profits to continually improve the business and upgrade facilities.
Recent financial success has allowed the Port to undertake a period of significant capital investment in assets and infrastructure, including an expansion in the harbour estate by 23 acres and an increase in the capacity of the marine fleet located at the Port.
The average number of employees also increased by approximately 10% to 100 employees, representing payroll costs for the organisation of £3.6million per year.
Foyle Port Chair, Bonnie Anley, commented:
“Since the launch of our new strategy, our performance has outstripped targets and the Port business has continued to grow. This model has increased our resilience and put Foyle Port on a strong footing to meet any challenges that lie ahead.”
“As we move closer towards Britain’s exit from the European Union we will need to navigate change and uncertainty, both locally and nationally.”
“Our strong business model, coupled with our dedicated port team, leave me in no doubt that Foyle Port has the flexibility needed to adapt to a new commercial context and the innovation needed to capitalise on all new opportunities arising in the future.”
Foyle Port Chief Executive, Brian McGrath commented:
“The outstanding corporate performance of the organisation, year on year, demonstrates the in-depth strength of our operational team.”
“The Port’s location at Lisahally underpins our key position as an Atlantic gateway for the United Kingdom and Europe. Furthermore, the Port’s operations straddle both British and Irish jurisdictions.”
In relation to the potential forthcoming City Deal for the North West, Brian McGrath added:
“The Port Economic Zone naturally sits across the wider City Region. With multi deep-water terminal locations within the harbour, and an extensive port landbank with close proximity to industrial power, we are ready to play our part as an industrial platform in support of a City Deal for Derry / Londonderry.”