The UK Port of Milford Haven has announced a year of further growth in its 2024 annual report, reporting an operating profit of £6.8 million ($9.2 million) after a 2023 profit of £4.1 million ($5.6 million).
The Port continued its investment in support of pilotage operations. Key investments included the new, first in class pilot boat which will be delivered in late 2025, an upgrade to the pilotage simulator suite and the renovation of the Mid-Channel Rock marker beacon.
And as part of the Port’s ongoing diversification strategy, the purchase of a second hotel in Pembrokeshire boosted income for the Port and helped take revenues from diversified operations to almost half of the Port’s total income in 2024.
In the renewables sphere, the completion of Pembroke Dock Marine has created a valuable operational base in Pembrokeshire that has improved cargo handling performance at Pembroke Port.
These developments are helping deliver long term revenue stability and better positioning the Port to withstand global economic fluctuations.
Chief Executive, Tom Sawyer, said: “In a changing world and a year filled with geopolitical uncertainty, we’ve remained focused on what’s within our control, which is to deliver a safe, efficient and responsible port operation. Strategic investments in our core marine operations and our diversified business areas are delivering as anticipated and laying the groundwork to ensure maximum efficiency. This, along with a firm commitment to collaboration and providing excellent customer service, has been key.
“We are delighted that year two of our five-year strategy cycle is being felt positively by our customers and stakeholders,” Sawyer added. “We’ve seen significant improvement in the perception of how we are performing with 80% agreeing that we have met or exceeded their expectations, compared to 51% in 2020. Couple that with us retaining our certification as a Great Place to Work™, and the trajectory, inside and outside of our business, is very positive.
“We’re really proud that our growth has not just come in financial terms, but also in how we support our staff, our customers and our community. As a trust port, we were proud to have directly supported our coastal community to the value of over £500,000 in 2024.”
