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Foyle Port leaders say the impact of coronavirus and Brexit should not be underestimated

Local facility saw a profit of £1.7m in the last financial year

Foyle Port

The local port had a turnover of £10.4m in the last financial year.

Foyle Port today announced that it had a £10.4m turnover in the 2019/2020 financial year.

The operating profit for the year at the local port was £1.7m.

The management team at the port said the 'solid financial performance' has placed the organisation on a ‘sound footing’ in light of the current economic challenges.

The Port said that £4.4million had been reinvested in the local facility in the past year, prior to the pandemic.

However, the local organisations said the challenges thrown up by both coronavirus and Brexit should not be underestimated.

Bonnie Anley, Chair, Foyle Port said the growth in activity at the Port was to be commended, and was 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,” she said.

“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 (pictured), Chief Executive, Foyle Port, said the latest financial results represents the completion of a 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.

 

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