FINANCIAL AND ACTIVITY STATISTICS

The Port of Tyne encompasses two principal trading entities: the Port of Tyne Authority and a wholly owned subsidiary, Tyne Logistics Company Limited. The Group also owns a number of other subsidiaries, although these did not trade in the year.

Whilst turnover increased slightly in the year by 1% to £48m, adjusted profit before tax, which excludes revaluation of investment properties, decreased from £1.7m to £1.4m.

Reported profit before tax reduced to a loss of £(3.5)m, principally as a result of non-cash movement in the revaluation of investment properties, driven by lower yields originating from adverse external market indices.

Car volumes decreased by 9% to 252k from 277k in 2021, as the market continued to struggle with the world-wide semi-conductor shortage. Bulk volumes handled reduced 37% from 2.9mt in 2021 to 1.8mt in 2022, largely due to temporary reduction in demand of biomass. This shortfall is largely covered financially by contractual recovery in the commercial agreement.

Passenger numbers continued their post covid recovery and reached 545K, increasing from 98K in 2021. Cruise calls totalled 32 in the year, increasing from 24 calls in 2021.

Capital expenditure incurred was £9.7m, primarily relating to investment in a new harbour mobile crane. A summary of our Key Financial Indicators are shown in the table below.

Adjusted Profit Before Tax

The table below outlines the level of activity relating to the Port’s business areas in metrics that are relevant to the performance of each.