Foyle Port buoyant with £1.7m profit but major challenges ahead due to Brexit and COVID-19

The figures published today capture a strong year for the Port and shows a reinvestment of £4.4million prior to the major economic upset presented by the Covid pandemic and lockdown. The operating profit for the year was £1.7million.

Continued diversification at the Port saw success in the Marine Services Division which made a particularly impressive contribution to the overall figures. Foyle Consulting Engineers and the internal Engineering Divisions also provided excellent support to the Foyle Port operation, and to external customers.

The current trading performance has remained resilient since the end of March this year, but that the challenges thrown up by both Coronavirus and Brexit should not be underestimated.

Bonnie Anley, Chair, Foyle Port said today: “The growth in activity at the Port is to be commended, which has been down to the hard work and determination of the entire team.

"The focus to deliver the ambitious strategy that we set has not been without its challenges in terms of Brexit throughout the trading year and the onset of the Covid-19 pandemic, but we have stayed the course and delivered a resilient set of results.

“Taking the last five years into consideration, the Port has now reinvested over £15 million and developed a fixed asset base of £44million. As new Commissioners come on board there is fragility in the economy, but we are live to that and acknowledge that we will need to work to maintain strong ongoing performance.”

"Throughout the year we have maintained our commitment to our corporate social responsibility, supporting local charities and community groups and continue to do so in this unsettling period.”

Brian McGrath, Chief Executive, Foyle Port added: “This set of financial results represents the completion of our five-year strategy which has seen a year on year growth on our turnover.

"This has been a challenging 18 months, but we have expanded the harbour estate, purchased a new harbour crane, and helped secure planning permission for a new international data centre to be located on the Port’s lands.

“We will continue to engage with Ministers, officials and stakeholders to ensure that Foyle Port is at the heart of economic revival. We are also exploring the potential for the free port initiative to support growth in the North West.”

2020 represents the 166th year of operation of Foyle Port which was established in 1854 as an independent statutory corporation. The average number of employees is over 100 representing payroll contribution of over £4.1million per year.