Foyle Port hits record turnover despite Brexit concerns

Foyle Port has announced a new record turnover of £10million, with
an operating profit of £1.9million for the 2018/2019 financial year.

Despite uncertainties over Brexit and its effects, this marks the
Port’s seventh year of consecutive growth.

All profits will be reinvested to improve the business and upgrade
facilities.

Recent financial success has allowed the Port to undertake ambitious
capital investment in assets and infrastructure worth £3.5million, which
includes the purchase of a new harbour crane and expansion of the Port’s
landbank to 155 acres.

Foyle Port, which celebrates its 165^th anniversary this
year, now employs more than 100 staff, with a payroll total of £4million per
year.

Foyle Port chair Bonnie Anley said: “Over the last year in
particular, there has been ever increasing anxiety about Brexit and its
impacts. Potential change and uncertainty, both locally and nationally has had
to be managed.

“We’ve risen to that challenge and are ready for the outcome of
Brexit in terms of a ‘deal’ or a ‘no deal’ scenario. As a commercial entity, we
have shown that we can be flexible and adapt to the new realities of the
business environment.”

Foyle Port chief executive Brian McGrath added: “We have a strong
balance sheet and are primed for future investment. We are one year ahead of
delivery in terms of our strategic plan, which will give us much need time
before setting the direction of travel for 2020 and the outcomes of Brexit.”

In addition to the Port’s core activity, it has seen growth in its
diversification programme such as the Port’s civil and structural engineering
division, Foyle Consulting Engineers.