FPT Forth Ports

 

TIDMFPT 
 
RNS Number : 5357U 
Forth Ports PLC 
26 June 2009 
 
 
 
PRE-CLOSE TRADING UPDATE FOR THE SIX MONTHS ENDING 30th JUNE 2009 
 
 
 
 
26th June 2009 
 
 
 
 
Forth Ports PLC is making this statement in advance of the publication of its 
interim results for the six months ended 30th June 2009 scheduled for 27th 
August 2009.  The results for the first half are expected to be in line 
with last year with the exception of Nordic, our materials recycling business, 
and Tilbury Container Services Limited ("TCS") which have been more severely 
affected by the economic downturn. 
 
Ports Division 
 
 
At Tilbury, the financial performance is expected to show another good 
improvement over the first half of last year. The ro-ro business has seen an 
excellent increase in volume and performed well during the period.  The new 
Cemex milling and blending facility is near completion.Several new contracts 
have been concluded. 
 
 
Within Scottish Ports and Marine, the piped cargo tonnages are in line with last 
year; container volumes at Grangemouth have decreased by 5% compared with the 
first half of 2008 with other dry bulks steady. Coal tonnages have remained 
steady and we have seen trial shipments through Leith for new coal business for 
Scottish Coal. There are some modest signs of improvement in construction 
materials. The new Norfolkline service to Zeebrugge started on 19th May and has 
been well supported. 
 
 
Both the TCS and Nordic businesses have shown improvements in the second quarter 
of the first half. 
 
 
Cash generation from operations remains good with tight controls on expenditure; 
we are on target to reduce our Group debt by the end of the year. 
 
 
Property Division 
 
 
Work has continued on the outline planning application and masterplan for The 
Harbour, Leith Docks which was submitted to City of Edinburgh Council ("CEC") in 
December 2008. We hope that this application will be formally considered by the 
Planning Committee in the second half. 
 
 
We are working with CEC and the Scottish Government on a plan for public funding 
of infrastructure which would assist the development of The Harbour. 
 
 
In a difficult market, the Ocean Terminal Shopping Centre has signed up Superdry 
for a 6,000 sq.ft. store. It is hoped that the new unit will be open for trading 
in August. Two other new tenants are expected to be signed up in the third 
quarter.  Cash generation is in line with expectations and cashflow cover 
remains good. 
 
 
Cash spend within our property division is minimal and resource levels have been 
reduced. 
 
 
Energy 
 
 
We have progressed our strategic joint venture with Scottish and Southern Energy 
plc and have identified several potential opportunities for multifuel plants 
within our existing ports. We have also erected wind monitoring equipment at 
Grangemouth and Dundee to obtain wind data to determine the suitability of these 
sites for onshore wind installations. 
 
 
Having received planning approval to erect four wind turbines at Tilbury to 
generate part of the port's electricity requirements, we have opened discussions 
with a shortlist of energy companies to build and operate this facility. 
 
 
Outlook 
 
 
The business is generally holding up well and traditionally our trading 
performance has been weighted towards the second half of the year. Although 
forecasting for the full year is difficult given current economic uncertainties, 
we believe that the outcome will be satisfactory. 
 
 
Enquiries: 
 
 
Forth Ports PLC 
Charles Hammond, Group Chief Executive - Tel: 0131 555 8700 
Wilson Murray, Group Finance Director - Tel: 0131 555 8700 
 
 
Brunswick 
Jon Coles - Tel: 0207 404 5959 
Kate Miller - Tel: 0207 404 5959 
 
 
Notes to Editors: 
 
Forth Ports PLC owns and operates seven commercial ports in the UK - Tilbury on 
the Thames, Dundee in the Firth of Tay and five in the Firth of Forth - Leith, 
Grangemouth, Rosyth, Methil and Burntisland. It also operates out of Chatham in 
Kent under the Nordic banner. 
 
 
Within and around the Firths of Forth and Tay, Forth Ports manages and operates 
an area of 280 square miles of navigable waters, including two specialised 
marine terminals for oil and gas export and provides other marine services, such 
as towage and conservancy. 
 
 
The Group also has significant property interests which it continues to develop 
as part of its commitment to increase shareholder value. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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