Teesport owner and operator PD Ports has announced an increase in revenue in its most recent accounts, but warned that it could be affected by the coronavirus outbreak.
PD Ports’ accounts for 2019 show that revenue rose from £149m a year earlier to £158.2m, though operating profit fell slightly from £30.6m to £30.4m.
Aerial shot of Teesport (Image: Gazette)
The company said total volumes of imports and exports fell by 3% from the year earlier but it saw an 8% increase in units handled by its ferry, container and rail terminals, bucking a national trend.
New lettings and increased revenue from existing tenants also led to the company revaluing its investment properties.
In the accounts, CEO Frans Calje says: “In the period since balance sheet date, there has been a significant adverse impact on the level of world trade as a consequence of the impact of Covid-19 virus across the globe. It is currently uncertain for how long the effects of the virus will impact on world trade, and what the extent of that impact may be.
“The key risk to the group would be any long-term changes to internal and external demand for goods and any consequent changes to established supply chains that consequently reduced volumes passing through its facilities.
“The directors consider that, in its position as the owner and operator of infrastructure assets critical to the continuation of the UK’s ability to trade with other countries, the group’s activities have a high level of resilience against any permanent or long-term reduction in its capacity to trade from what is currently universally perceived as being the short-term advert impact of the Covid-19 virus.”
PD’s health and safety results saw the number of accidents reduce in 2019, though the number of accidents that led to absence from work almost doubled. The company said its safety record was “significantly better” than comparable companies in its sector.
The accounts also touch on Brexit, but say the company directors “do not expect that Brexit will have a material impact on the group’s ability to continue to trade successfully under its current business model”.
Headcount at the company fell slightly during 2019, going from 1,247 to 1,219. The biggest fall came in port operations.