With an annual turnover of over £33m, the port welcomed £4.9 million net profit in 2017/18, which translates into a £1.6m profit in comparison to the previous year.
This welcome news for the port follows a 10-year agreement with Brittany Ferries to continue operating its routes to France and Spain, with plans to expand their fleet and serve more crossings from Portsmouth.
A strategy is also underway looking at ways to advance the city’s cruise position and establish Portsmouth as a leading cruise port.
Significant capital investment has already taken place, including a new linkspan, which serves as drawbridge between a ferry and a berth, and further development plans to improve the port’s berths and facilities are underway.
Mike Sellers Portsmouth International Port director said: “Portsmouth remains the UK’s most successful council-run port, demonstrated by a £1.6m increase in profits for 2017/18.
To maximise the port’s commercial activity we’ve reviewed our operational charges, which remain competitive but also provide a return on investment. It’s important we invest in the port’s infrastructure to make sure we’re always meeting the expectations of our cruise and ferry company customers, and their passengers.
We’re recognised by the DfT as a major UK port, which means it’s even more important that we’re considered when it comes to Brexit negotiations. As the best connected port our freight customers benefit from heading straight off the ferry onto the motorway without delay.
With the majority of lorries carrying what’s considered ‘just in time’ freight, such as fresh produce, we’re keen to see that arrangements do not compromise our position of being a successful, commercial port.”
Cllr Ben Dowling, Cabinet Member for Planning, Regeneration and Economic Development said: “Most importantly the port’s success ultimately benefits local residents, as it contributed £8m to the overall council budget last year, supporting vital services such as adult and children’s social care.
Portsmouth International Port is an important contributor to the national shipping industry and plays a significant role in the local, regional and national economy.
Looking forward there are more opportunities at the port which will hopefully improve our offer even more, strengthening Portsmouth’s position as a leading marine and maritime city.”