The Port of Blyth has announced record financial results for the second consecutive year.
Turnover at the Northumberland port grew by 17 per cent to £23.2million in 2016.
A 50 per cent year-on-year increase saw group pre-tax profits reach a record £1.9million while commercial vessel movements at the Port – now the seventh largest of its kind in the UK – grew by 20 per cent.
Officials say the key driver in the growth has been the energy sector-related trade while the Port grew its client list significantly last year, helping attract more investment.
Chief executive Martin Lawlor said: “Having achieved record financial figures in 2015, we’re very pleased to announce another set of outstanding results across the group this year.
“Driven by the primary port operating business’s best ever financial results and a strong performance across all trade sectors, these figures highlight both the continued growth of Port of Blyth and a very positive outlook for its future.”
The growth has enabled Port of Blyth to strengthen its role as a key economic driver for the region, directly and indirectly supporting many thousands of jobs and providing an essential international gateway for many North East businesses.
The year was also notable for the Port’s role as a leading partner in the North Sea Tall Ships Regatta in August, which attracted 500,000 visitors to the region and boosted the economy by £13.5million.
Port of Blyth chairman Geoff Hodgson added: “Having achieved a second successive record year, the Port is clearly on a sound financial footing with continued success expected in the future. As a Trust, the Port’s on-going success will benefit our wider stakeholders and with several exciting developments planned for the coming years, we expect this growth to continue in 2017 and beyond.”