FPT Forth Ports

 

TIDMFPT 
 
RNS Number : 5417O 
Forth Ports PLC 
01 July 2010 
 

For release at 0700 hrs - 1st July 2010 
 
 
        PRE-CLOSE TRADING UPDATE FOR THE SIX MONTHS ENDED 30th JUNE 2010 
 
 
Forth Ports PLC is making this statement in advance of the publication of its 
interim results for the six months ended 30th June 2010 scheduled for 25th 
August 2010.  The underlying results for the first half are expected to be well 
ahead of last year. 
 
The Consortium of shareholders comprising Arcus European Infrastructure Fund 1 
LP, Peel Holdings Limited and RREEF Limited ("the Consortium") announced on 27th 
May 2010 that it had decided not to proceed with an offer for the shares of 
Forth Ports.  After a long period of uncertainty, the Board welcomed this 
statement which allows management to focus exclusively on the business. 
 
Ports Division 
 
At Tilbury, we expect an improved financial performance in the first half of 
2010 over the equivalent period last year.  The forest products tonnage 
increased substantially in the first half of 2010 over the equivalent period in 
2009.  Animal feed tonnage has also increased.  Short sea container volumes are 
behind last year. 
 
Within Scottish Ports and Marine, we also expect an improved financial 
performance over last year.  The liquid bulk tonnages are slightly ahead of last 
year at Grangemouth but behind last year at Hound Point and Braefoot Bay. 
Container volumes at Grangemouth have not yet reversed the trend of 2009, 
although the new Unifeeder service into Grangemouth will allow for a wider range 
of port connections.  Dry cargo has remained steady.  There are signs of 
improvement in construction materials.  The Norfolkline service to Zeebrugge has 
been well supported by the freight market but would benefit from the momentum of 
a second vessel on the route.  North Sea oil-related activity at the Port of 
Dundee has been buoyant. 
 
Cost control through our ports continues to be strong.  Enquiries for additional 
dry and liquid bulks business and offshore renewables business have increased 
over the last few months. 
 
Tilbury Container Services Limited, our associate company, has shown a 
significant improvement in its volumes and profitability in the first half of 
2010 compared with the equivalent period last year. 
 
Recycling 
 
The Nordic recycling business ("NRL") has benefited in the first half of 2010 
from an improvement in commodity prices and increased volumes.  With tight cost 
control and a move to bring various services in-house, the financial position 
has greatly improved.  NRL has been successful in winning the tender for the 
Thurrock Council recyclable waste contract. 
 
Property Division 
 
The outline planning application ("OPA"), and the masterplan for The Harbour, 
Leith Docks were agreed by the Planning Committee ("the Committee") on 23rd June 
this year.  The Committee also agreed the main terms for the Section 75 for each 
of The Harbour and the Leith Docks OPA. 
 
We continue to work with City of Edinburgh Council and the Scottish Government 
on a plan for public funding of infrastructure ("TIF Funding") around The 
Harbour development and are making progress towards approval of the plan. 
 
Ocean Terminal Limited has secured H&M for a 10,600 sq.ft. unit.  It is hoped 
that the new unit will be open for trading in October.  One other new tenant is 
expected to be signed up in the third quarter.  Cash generation is in line with 
our expectations and cashflow cover remains good. 
 
Energy 
 
The joint venture with SSE (Scottish and Southern Energy plc) has made progress 
and has submitted the first of four applications to the Scottish Government 
Consenting Unit in respect of a biomass plant at Dundee.  Applications for the 
other sites in Scotland will be made over the summer period. 
 
Outlook 
 
The business has performed well in the first half of 2010.  With our improved 
operational gearing, diversified cargo and broad customer base, we are confident 
that the underlying outcome for the full year will be in line with our 
expectations. 
 
 
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 has a business, Nordic, 
which operates out of Chatham in Kent and Tilbury, which is engaged in port 
activities and recycling. 
 
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 as well as a renewable energy 
division which is looking to gain planning approval for onshore wind 
installations and biomass facilities in its ports in Scotland. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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