Record port growth is major boost for NW economy

Londonderry Port and Harbour Commissioners has announced record turnover, record profits and record tonnage figures for the year ended March 2008.   “The excellent figures are as a result of a significant capital expenditure programme for the period 2000 to 2007 of c£22m and through the endeavours of a most professional, highly flexible and dedicated workforce,” LPHC chairman, Mr. Garvan O’Doherty told the port’s AGM today.  

Tonnage handled by Londonderry Port and Harbour Commissioners (LPHC) increased by almost 65% between 2000 and 2007, according to the latest annual results.  Mr. O’Doherty says this is “two and half times the national average, and is an indication of our ability to deliver for the North West region.”  

“Already we import over £500m worth of goods into the region every year, and have been very successful in attracting new business to Derry and the North West,” says Mr O’Doherty.   “We have steadily increased profits over the last 5 years as part of our development plan and carefully re-invested them back into the port in order to support continuing growth.”


Mr O’Doherty says that as a public trust port, “we are governed by publicly appointed commissioners, such as local councillors and business people.  Our responsibility is to the Port’s stakeholders for future generations.  On their behalf we have worked to re-invest profits in order to further develop business and trade into the North West in a sustainable manner.  We are therefore delighted to be able once more to release annual results which show that trade has increased by 7% year on year.”   

LPHC chief executive Mr Brian McGrath says “This trading period has been a landmark for Londonderry Port. Our best ever results represent the early delivery of our Five Year Plan achieved with a turnover of £5.1 million and £1.2 million profit. The port is now looking to the future and our new strategy plan is nearing completion.  A recent report by the leading economist Indecon shows that Londonderry Port and Harbour Commission (LPHC) has significantly developed market share and we are ready to play our part as the region’s transportation hub in the future.”

The challenge now, says chairman, Mr. Garvan O’Doherty, is to look ahead into the market to continue to serve the region and to grow the business for the next 5 years.

“Our investment programme was an integral part of our development plans.  A positive knock-on effect of this investment was to inspire increased confidence amongst customers and the workforce. The capital investments were a visible sign of the progress made by LPHC.”

 “To this end, our ongoing strategy for re-investment and growth is working to ensure that – as a part of the North West’s infrastructure – this Port is a sustainable force in the region and a major player in the Irish ports’ industry.”

Ends/

For details please call Trish Hegarty, Inis Communications on +353 86 1740057

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