Forth Ports Sees 1st Half Trading In Line With Views
June 26 2009 - 2:47AM
Dow Jones News
Forth Ports PLC (FPT.LN) said Friday that results for the first
half are expected to be in line with last year with the exception
of Nordic, its materials recycling business, and Tilbury Container
Services Ltd which have been more severely affected by the economic
downturn.
MAIN FACTS:
-At Tilbury, the financial performance is expected to show
another good improvement over the first half of last year.
-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 seen trial shipments
through Leith for new coal business for Scottish Coal.
-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; is on target to reduce Group debt by the
end of the year.
-Work has continued on the outline planning application and
masterplan for The Harbour, Leith Docks which was submitted to City
of Edinburgh Council in December 2008.
-This application will be formally considered by the Planning
Committee in the second half.
-Working with CEC and the Scottish Government on a plan for
public funding of infrastructure which would assist the development
of The Harbour.
-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 property division is minimal and resource
levels have been reduced.
-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, believes that the outcome will be
satisfactory.
-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9296; ian.walker@dowjones.com
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