Brian McGrath: Foyle Port has invested £45m in 20 years and is one of most attractive locations in Ireland
Foyle Port Chief Executive Brian McGrath has confirmed that the investment of £3.6m in new fixed assets last year has taken total capital expenditure at Lisahally to £45million since 2003.
Mr. McGrath made the revelation in a statement accompanying the port’s annual report for 2021/22.
"The £3.6million invested in fixed assets this year brings the total capital expenditure invested over the last two decades since 2003 to £45million,” he stated.
The Port and Harbour Commissioners boss said further progress has been made on expanding the port’s land bank. This, he stated, is key part of its green strategy.
"The long-term consolidation of the Commissioners’ land holding progresses well and is central to our decarbonisation plans and future growth.
"Land acquisition in this year added 39.5 acres to the harbour estate, which now extends to a substantive 206 acres.
"Further property negotiations within the port economic zone are ongoing. We enjoy substantial development capacity, both for port services and decarbonisation related projects, which is complimented by our close physical proximity to industrial power and high-speed data capabilities,” he stated.
The latest annual report from the Port and Harbour Commissioners shows that trade jumped by 11 per cent to 1.93million tonnes, turnover increased by 17 per cent to £10.8million, and operating profit spiked by 22 per cent to £1.85m as the harbour bounced back from a major fire in 2020.
Mr. McGrath, in his annual statement as CEO, described the facility as ‘one of the most attractive port locations for development in Britain and Ireland’.
He also referred to plans to use Magilligan harbour to boost tourism to the north west.
“We look forward to concluding the Magilligan terminal transfer from Causeway Coast and Glens Council to complement our plans to enhance cruise tourism facilities within Lough Foyle,” he stated.
He described the Derry facility as a ‘trading gateway’, a ‘regional asset for business activity’ and ‘an excellent location for future investment’.
"We are ready to play our part in supporting our existing and future customers in the economic development of the Northwest region,” he concluded.