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ABP's extra investment in local port

Written by Business Weekly

Thursday, 16 September 1999

The Port of Ipswich saw an increase of almost 9% in the amount of cargo it handled during the first six months of 1999. The Port of Ipswich saw an increase of almost 9% in the amount of cargo it handled during the first six months of 1999. This included increases in the fertiliser and unit-load trades but was partially offset by falls in the volumes of grain handled following a poor harvest in 1998. MD John Copping said further investments were being made by port owner, ABP, to improve infrastructure at the port. Work is underway on two new facilities. A state of the art timber treatment centre is due for completion shortly, providing an additional service to customers who use Ipswich for timber imports. A brand new terminal is being built for existing port customer, IAWS Fertilisers (UK) Ltd, which includes a 7,500 sq m bulk storage shed with equipment for bagging and blending of fertilisers and other bulk products, together with offices, a weighbridge and a marshalling area. Underlying operating profit for ABP as a group increased by 2% to £75.1m with ports and transport up 8% to £66.1m. Pre-tax profit was down from £57m to £52.7m, reflecting the absence of substantial property sales, which are expected to be made good in the second half. It also reflects higher interest charges from acquisitions and share buy-backs.

 

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