Recession docks port £366,510 in kept profits

Profit after tax was just 61 per cent of the 941,311 generated in 2008/9. Turnover also dipped from 5,088,133, to 5,076,185.

Profit before tax was 780,000. This was a substantial drop from 1.1m last year - the second highest level ever recorded at the harbour - and 1.2m in 2007/8 - the highest ever recorded. Investment at the harbour was also significantly reduced over the year.

In 2008/9 the Londonderry Port and Harbour Commissioners (LPHC) invested 3.1m in fixed assets but Chairman Garvan O'Doherty revealed last week that just 2m was spent in capital investments over the past 18 months.

Despite the reductions Mr O'Doherty told the Port AGM that last year's results were "particularly pleasing given the extent of the economic downturn and slow recovery out of recession."

Speaking at the LPHC annual general meeting he said: "As a public trust port, LPHC does not pay dividends but we have a duty to create profits in order to make the kind of capital investments the port needs to fulfil its conservancy role.

"Over the past 18 months we have spent more than 2m on such investments, and the benefits are recycled to all our stakeholders.

"A thriving river where the Port co exists with tourism, aquaculture, industrial activity and our residential neighbours will benefit all of these stakeholders."

Chief executive Brian McGrath said the recorded turnover of 5.1 million with a profit before tax of 780,000 reflected a strong set of figures which is a credit to the resilience of our customer base and the versatility of our workforce.

"Our investment in the trailer suction dredger 'Lough Foyle' has proved to be a valuable addition to our asset base. In addition to carrying out our in house dredging requirements we have been able to offer spare capacity to a range of external marine projects which has extended the pool of LPHC stakeholders and increased revenue streams.

"I believe that our ability to offer added value services has set us apart from other similar Ports in UK and Ireland."

Mr McGrath said this approach has meant that the downturn experienced throughout the industry "has had significantly less impact in Derry than is the case in many other regional ports. This could not have been achieved without the expertise we have at our disposal at all levels in the organisation."

Chairman Garvan O'Doherty paid tribute to the ongoing commitment and success of LPHC'S customers "who have worked through the difficulties presented by the recession.

"I am indebted to my fellow board members and the entire workforce for the commitment and dedication to our shared values and desire to see the port prosper and develop in the future."

Mr McGrath said LPHC was "as ever mindful of our responsibilities to our stakeholders with whom we engage regularly and we thank them for their support and encouragement."

He also paid tribute to the port's customers "who through port charges provide the money to allow us to maintain and improve Londonderry Port for future generations. Your success and long term commitment are the reason why we are where we are today with a strong platform for the future."