Trade Dropped At Co. Derry's Foyle Port During Year That Ended On March 31, 2021
According to The Irish News, bosses at Co. Derry's Foyle Port have said that "severe challenges" posed by the COVID-19 pandemic contributed to a 9% drop in trade during the year that ended on March 31, 2021.
The Derry trust port reportedly said that its performance for the year that ended March 31, 2021, had remained "resilient" despite its turnover and profit taking a hit.
COVID-19 And Brexit
Trade slipped to 1.7 million tonnes over the 12 months, with turnover down 11% to £9.2 million.
Pre-tax profits fell 20% over the year to £1.3 million.
Foyle Port's bosses reportedly said that despite the challenges posed by the pandemic and the post-Brexit landscape, it still managed to reinvest £1 million in fixed assets in the last financial year.
The deep water facility's annual report reportedly said that the employment of its 108 staff had generated £4.3 million in wages over the year, with 80 percent of its electricity now coming from low carbon fuel sources.
Over the last year, the port reportedly said that it reduced its CO2 emissions by 76 tonnes, with plans to invest in more electric vehicles.
Foyle Port chair Bonnie Anley reportedly said, "Today's financial results illustrate the scale of the challenge that the COVID-19 pandemic and grappling with the post-Brexit trading environment have posed to Foyle Port. Despite these challenges, however, the port's financial performance has remained impressively resilient.
"During this tough year, the port played its role, as a key worker designated service, facilitating the vital trade flows into and out of the north west region.
"As this year progressed, commissioners successfully ensured that our core business remained fully operational whilst, at the same time, continuity plans were quickly implemented as required."
The port's chief executive, Brian McGrath, reportedly said, "While this has been a challenging year for the Port, we are proud of our collective resilience and strength, and I want to thank every member of staff and the executive team for their personal contributions.
"I particularly appreciate the unwavering support from the chair of the board and the commissioners during this time of crisis."
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Conor Farrelly. Click subscribe to sign up for the Hospitality Ireland print edition.