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ABP sees revenues return to pre-pandemic levels

By David Laister

The UK’s largest port operator, ABP, has seen revenues return to pre-pandemic levels.

A turnover of £579 million equalled that generated in 2019, having suffered a £37 million dip as coronavirus took hold.

The largest uptick for the 21-port operator came in the cruise market, with 2021 seeing a 95.9 per cent increase on revenues in that sector.

Read more: Huge Humber ferry terminal plan for ABP and Stena Line is scaled down

Bulk cargo volumes were up 14.2 per cent to 56.3 million tonnes from 49.3 million tonnes in 2020, with a slight increase in containers “primarily due to improved trading conditions as the Covid-19 pandemic stabilises,” however biomass, vehicle and roll-on roll-off revenue drops partly offset the gains.

Underlying operating profit “considered by the board to provide a good representation of the performance of the business”, was up 8.8 per cent from £198.4 million to £216 million.

It had been £244.1 million in 2019 - on 80.9 million tonnes handled.

Coal coming off the energy system and a substantial iron ore import loss with the return of operations at Immingham to British Steel have also played a part in that drop alongside economic factors.

Staff numbers remained fairly constant, at 2,245.

Post-Brexit and ongoing pandemic-led economic uncertainty was highlighted as a principal risk beyond catastrophic events involving high hazard operations.

The loss of either the Scunthorpe or South Wales’ steel making plants it supports was flagged as a “distinct risk to the company” with ABP stating how the ongoing Covid-19 pandemic has exacerbated the challenges faced by the UK’s steel industry and “has increased uncertainty over the long-term viability for UK steel production”.

On the Ukrainian situation, ABP said the wider group is “carefully monitoring the fast changing nature and extend of the economic sanctions on Russia and liaising with the relevant authorities.”

While reduced trade flows are anticipated, ABP does not expect it to threaten viability.

Keep up-to-date with all the latest developments - follow BusinessLive Humber on Twitter and LinkedIn.

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Dive Deeper:
Tourism recovering, but not back to pre-pandemic levels
Paris (AFP) - Global tourism is roaring back to life despite Covid travel headaches and the effects of the war…
Global tourism recovering, but not back to pre-pandemic levels
PARIS: Global tourism is roaring back to life despite Covid travel headaches and the effects of the war in Ukraine,…
Hostelworld says revenues almost back to pre-pandemic levels
Online travel agent Hostelworld’s revenues have returned to pre-pandemic levels on the back of rising bed prices and a strong…
Summer holiday bookings return to pre-Covid levels despite cost of living crisis
Tui says bookings from the UK are currently 11% above the level for summer 2019, before the Covid crisis erupted.…
One subscription that gives you access to news from hundreds of sites
Rishi's fuel price 'gift' wiped out as pump prices return to pre-cut levels
Diesel is now at a new record high while petrol is back to the price it was before the Chancellor…
Air travel could return to pre-pandemic levels next year despite 10pc rise in fares - Willie Walsh
IATA Director General Willie Walsh said on Monday that the recovery in passenger traffic was accelerating and that on average,…
Get all your news in one place