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Revenue boost for the Port of Milford Haven

The Port of Milford Haven, Wales' busiest port, has reported revenue exceeding £40 million for the first time in its 65-year history, closing the year at £41.3 million.

While there was a slight decrease in shipping numbers to 1,909 and cargo tonnage to 34.7 million tonnes, the marine division remained active, managing 58.7 million gross tons of shipping in challenging sea conditions.

The port's cargo handling, property, hospitality, and tourism divisions contributed to this year's strong financial performance, resulting in a profit increase to £4.1 million. These results reflect the success of the port’s long-term growth and diversification strategies.

The port's strategic growth and investment plans focus on expanding its pilotage capability, developing infrastructure to become a renewable energy hub, and enhancing its hospitality services. The investment in a new pilot boat supports the port’s ambition to maintain world-class pilotage services and accommodate new shipping traffic from the hydrocarbon and renewable sectors.

Significant progress was made in the renewables sector with the completion of infrastructure projects, including an enlarged slipway, new laydown areas, office facilities, and workboat pontoons. These developments are part of the £60 million Pembroke Dock Marine project, funded by the Swansea Bay City Deal and the European Regional Development Fund.

In the hospitality sector, the Ty Hotel Milford Waterfront delivered a strong performance in 2023, supporting further diversification and investment in this area.

Chief Executive Tom Sawyer said: "2023 has been a stand-out year for us, with record turnover and increased profitability. In keeping with our trust port status, we’ll be reinvesting our profits back into the business. This will translate into jobs and opportunities for our communities long into the future.

We also completed major infrastructure projects, but that’s just the start of our plans. As part of a key energy and shipping hub, we’ll keep investing to ensure we continue to meet industrial demand. And our decision to diversify into hospitality and tourism has gone from strength to strength, enhancing our financial stability but also adding to the types of opportunities our community can enjoy.”

He added: “Every day, I see shining examples in our communities of how all this investment could help them realise their full potential. I am excited by the boundless opportunities ahead for us all.”

Despite the overall success, the fishing and ferry-related sectors of the business experienced declining performance due to reduced demand.

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  • Supply Chain