Port of Dundee owner Forth Ports has reported a year of “notable achievements”, including a £31 million rise in revenue.
Forth Ports has eight UK facilities, including Rosyth, Burntisland, Kirkcaldy and Methil, as well as Tilbury, London’s closest port.
Newly filed accounts show revenue of £288.3m for the year to December 2022, up from £257.7m the previous year.
Forth Ports also saw a spike in pre-tax profits to £143m in the latest period, from £131.3m in 2021
Chief financial officer Carole Cran reflected on a strong year despite challenges including supply chain issues and the war in Ukraine.
She said: “The group delivered a strong financial performance this year.
“We navigated external factors including Covid-related supply chain shortages, the conflict in Ukraine and high levels of inflation.
“The group has delivered double-digit revenue and operating profit growth.
“We are also continuing to invest across our ports as we drive the business towards a net-zero operation by 2042.
“Forth Ports is part of the Forth Green Freeport consortium which was successfully shortlisted by the UK and Scottish governments in January.
“Work with our fellow consortium members is under way on the creation of the outline business case.
“This ambitious project will generate thousands of new green jobs.”
Ms Cran said it will also “act as a catalyst for new green technologies and renewable energy manufacturing, re-industrialising the central belt of Scotland.”
A ‘good year’ for Port of Dundee
She said: “2022 was a good year for Dundee, following the completion of the port’s redevelopment in 2021, which saw revenues increase to £13.9m.
Ms Cran added: “Dundee’s bespoke renewables hub is currently the marshalling port for the Neart na Gaoithe (NnG) offshore wind project.”
Forth Ports’ £40m Dundee renewables hub was among projects honoured at the Scottish Renewables Green Energy Awards last year.
Acquisition to enhance offering, says Forth Ports boss Charles Hammond
The financial year also saw Forth Ports acquire OM Heavy Lift, which operated the largest permanent quayside crane in the UK in Dundee.
In his strategic report, published alongside the accounts, chief executive Charles Hammond said the takeover would enhance the firm’s offering.
He added: “The acquisition enhances our ability to offer an attractive, full-service package for offshore renewables projects covering marine services, quayside infrastructure and land, and now heavy lift plant and logistics solutions.”
Mr Hammond said the firm marked a number of “important milestones” in the offshore wind market.
These included taking delivery of components for the major NnG development off the Fife coast.
It also secured an agreement for Port of Dundee to be the pre-assembly and marshalling site for the Inch Cape wind farm.
