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However, group pre-tax profits fell 25% to £9m due to a fall in commercial yields for the group’s property arm, centred on waterfront developments at Edinburgh.
The Scottish-based company, which owns and operates seven commercial ports in the UK, saw strong growth in its core ports business, with revenues up 23% to £89.4m, and underlying operating profit increased by 38% to £22.8m. Total tonnage rose 5% to 24.3m for the half year to end June.
Although Tilbury’s thoughput was up marginally to 4.1m tonnes, its financial result “increased significantly reflecting the benefit of secure contracts, a better mix of cargo and a tight control of costs,” said the company.
Group chief executive Charles Hammond said: “Our ports business performed strongly in the first half of 2008 and we remain confident that the group will have another successful year. The security and breadth of our business positions us well for more challenging economic conditions.”
He added: “We remain confident of further planning progress within our property portfolio as we develop long-term value in our property business.”
The group has deferred 60% to 70% of its property infrastructure spend due to the market downturn.
Mr Hammond also said the outcome of a key bid to be selected as the east ern logistics hub for the London Olympics was expected during the second half.
He told Reuters that the contract would have a “significant impact” on the performance of Tilbury.
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