Belfast Harbour has published its 2008 Annual Accounts detailing a strong financial performance despite the ongoing global recession. Turnover increased to £32.7m (up 5%) while Operating Profit rose to £14.8m (up 10%). The report also noted that the Harbour has completed or commenced capital projects totaling £60m during the past year.

Net Profit Before Tax stood at just over £20m (down 10% from 2007) reflecting a decline in land related transactions of c.£3.5m as the local property market continued to tighten. Overall trade levels fell by 5% during 2008 in line with falls in both consumer demand and manufacturing output which affected imports and exports through the Harbour.

Taxation also rose from £1.9m in 2007 to £5.8m in 2008.Passenger numbers increased to 1,289,000, up 1.2% following the completion of Stena’s new terminal at VT4 and a record 39 cruise ships with 65,000 passengers and crew called at the Port.

Among the investments undertaken during 2008 was a £10m upgrade of Stormont Wharf to create the island’s longest deep water berth and significantly enhance Belfast Harbour’s cruise ship facilities. Work on a 175,000 sq ft transit shed for the agri-food sector and a £6.5m scheme to increase capacity in the paper sector by 70% was commenced.

Provisional figures for trading performance during the first half of 2009 showed that the ongoing recession, particularly the decline in local manufacturing activity, continued to reduce trade passing through the Port, down 9% on the comparable period last year. In a move to support port users the Harbour has also frozen increases in port charges for 2009.