Forth Ports Share Discussion Threads

[gateside] 20/12/2007 15:43

Forth Ports on course as shipping improves
By Alistair Gray

Published: December 20 2007 09:03 | Last updated: December 20 2007 10:14

Forth Ports on Thursday said it expected to meet expectations for the year as it waits to hear whether an application to be the official materials distribution site for Olympics construction has been successful.

The UK's last listed port operator, which owns and operates seven in Britain, said its shipping business showed a "significant improvement" from the first half and would experience "strong underlying growth" over the year.

EDITOR'S CHOICE
Container lines cut services over congestion - Dec-09Forth Ports sails on as profits leak - Sep-11Forth Ports hit by North Sea shutdowns - Mar-20Forth said the effect of the Olympics had already helped business at Tilbury and that it had submitted an application to be the official multi-modal distribution site. The Thames port, its biggest single asset, was once famous as London's luxury liner terminal.

Short-sea container volumes at the port increased 5 per cent compared with a year earlier and volumes from roll-on, roll-off ferries were up 36 per cent.

Charles Hammond, chief executive, said he would expect to know whether it had been successful by the end of the first quarter next year.

The company has also acquired 65 acres of land close to Tilbury for future industrial expansion.

At its property division, the development of Leith Docks in Edinburgh is on track. The project is the biggest planning application in the city's history and is expected to accommodate nearly 16,000 new homes and to create almost 12,000 jobs.

Mr Hammond said the company is now waiting for clearance from the authorities, although the process could take up to two years.

In the first half, the division made an expected operating loss of £500,000, compared with a profit of £2m last time. Although port operating profits were 12 per cent higher at £16.5m, group pre-tax profits fell 7 per cent to £12m.

John Lawson, analyst at Investec, said the property division would "not generate much profit for several years" but believes that, overall, "substantial value for shareholders will be created by the group."

Forth said the integration of Nordic Group, which operates Chatham in Kent and whose acquisition in June was funded mainly by debt, was "progressing well".

A new barge terminal is now being used for cargoes to the Olympic construction site at Stratford.

The Edinburgh-based company also said its container services business had won several new customers. Its Scottish ports had experienced a "recovery" in volumes, it added.

Forth is expected to announce its full year results on March 17

[gateside] 18/12/2007 22:15

Forth Ports have completly updated and revamped their website. A big improvment, has a nice fresh look to it.

The link is in the header.

[gateside] 18/12/2007 22:14

Trading Update came out on the 22nd December last year, so could well get some news this week.

[ed 123] 01/11/2007 10:13

Mention of bid talk in The Independent.

[ed 123] 01/11/2007 09:19

Yes, good timing Gateside. :-)

Regarding FPT's recent fall, I think it may have been due to the US housing market. With one eye over the water, traders have been increasingly betting on a fall in UK house prices and have sold down the UK housebuilders accordingly. I suspect that some of this negative sentiment rubbed off onto FPT. However, the market (including yourself) eventually recognised that FPT's fall was overdone.

Yes, the port assets remain very attractive. It perhaps needs more clarity on the value of the land side for someone to come in with a bid.

[gateside] 01/11/2007 08:32

It's beginning to look like a well timed top up ;-)

Bring back the 'bidders' I say!

£25 was rumoured earlier in the year.

[gateside] 26/10/2007 16:30

Added to my holding in these last Friday @ 1740p

Still believe that there is a good chance of a bid at some future point.

[gateside] 11/9/2007 09:38

Two directors bought shares yesterday. Aprox. £54000 & £9000

Always a good sign to see directors dipping their hand, in their pockets.

[haydock] 11/9/2007 09:26

Interesting hint in an article in the Scotsman, buying into a situation in the Baltic Ports.
Chairman asked about a deal, seems to be the focus of interest.

Even without a takeover there is a good company here which is not sitting back & letting it happen.Many exciting possibilities a little further down the line, every six months.

[gateside] 10/9/2007 20:32

Forth Ports on course despite fall in profits

FORTH Ports today delivered a slight fall in half-year profits but remained upbeat about its prospects over the whole year.

The Edinburgh-based ports and property firm turned in a pre-tax profit of £12 million for the six months to June 30, a drop of seven per cent compared with the same period a year ago.

Britain's last-surviving listed ports operator said the ports side of its business had been the better financial performer, with ports operating profit up 12 per cent to £16.5m, while the property side of the group booked a loss of £500,000, compared with a profit of £2m last time.

Chief executive Charles Hammond said: "Overall, the first half of the year has been successful.

"As in prior years, we will see an improved second half performance from our ports business. The quality of our ports' contracts and revenues continues to strengthen, providing a secure and growing income stream and platform for further growth.

"In property, we remain focused on growing the value and potential of our unique Waterfront development assets."

Forth, which runs seven UK ports including Leith, Rosyth Grangemouth and Tilbury on the Thames, saw group revenues rise by three per cent to £74.4m.

The company - which also operates out of Chatham, in Kent, after snapping up Nordic Limited in late June - saw ports operating profit up 12 per cent to £16.5m. Revenue increased to £72.4m, compared with £68.1m before.

However, that was offset by the expected reduction in property profits. Helping drive the performance of the ports unit was a combination of volume increases and a tight control of operating costs, said Mr Hammond.

Total tonnage at its Scottish ports was flat at 6.5m tonnes. But Tilbury had "an encouraging first half" with total tonnage through the port up by ten per cent to reach 4.1m tonnes. At Leith, overall tonnage was the same as last year at 1.1m tonnes, although coal traffic jumped by 25 per cent and grain traffic rose by 22 per cent.

Property profits were down mainly on a lack of a major sale, which last year saw a key plot of land in Grangemouth sold to supermarket giant Asda.

Mr Hammond said the company was "encouraged" by the firm commitment from the new administration to the regeneration of the Waterfront as one of the key growth areas in the City.

"We are also pleased that, following a review and a debate in the Scottish Parliament, the Tram project is proceeding with confirmed funding," he added.

Last week, Forth submitted Edinburgh's biggest ever outline planning application for the Leith Docks Development Framework project, which among other things, will proposes over 100,000 square metres of office space, 77,000 square metres of retail space and 15,900 new homes over the next 30 years - which together is expected to add £248m of gross added value each year for the Scottish economy.

Forth also said it had "progressed" its review of the different options for a new entrance and configuration of parts of Ocean Terminal with completion of the work and the submission of the planning application expected in the first half of next year.

[haydock] 10/9/2007 19:19

Interims today: not financially exciting, but lots going forward, particularly in the Leith development & the progress of Tilbury with the Olympics in sight.
No real problems, still a good clean business with even more prospects this year.The waste paper is a logical new string to the bow.

[kettlety1] 13/8/2007 10:15

Dunno why the sudden share price fall (against the market movement).

To comment on Post No 740, I live in Edinburgh and my son currently rents a flat in Leith. Also, the son of one of my neighbours also bought a warehouse conversion flat in Leith about 3 years' ago, so I can speak with a little knowledge of the area.

Many 'New Flats' are advertised at a fixed price with 20% or more discount below the current developers' prices. As regard the 'traditional' flats, no matter what 'environmental improvements' and restoration that is offered, the main problem with Leith is the high number of DHSS-funded, Council or Housing Association-owned property, that is let out to a load of state-funded druggies and alcoholics. Vandalism, car theft and anti-social behaviour is rife and there is no way that anyone with any sense would 'buy in' to the area until these problem Leithers are dealt with.

My son is almost at the end of his 6-month tenancy (which he took so as to consider a flat purchase in the area), and tells me there is no way he will stay in the area (two vehicle window breakages, one wing mirror 'removed', plus two attempted muggings experienced in the past 5 months - plus being awakened many times by locals experiencing the 'screaming hab-jabs'). My neighbour's son? His flat has been on the market for 3 months and the price reduced twice, with very few viewers so far.

[gateside] 13/8/2007 10:12

Price was pushed up on Friday due to Bid rumours (again). So I can only presume that the market has decided that these 'bid rumours', are exactly that.... Rumours!

[ed 123] 13/8/2007 09:59

I don't know what's going on, either.

Might it be agressive liqidation by a fund that has to get its hands on cash urgently? ... only a guess, though.

[alan russell] 13/8/2007 09:50

Has anyone a clue what's going on? I can't imagine what would cause such wild variations in price.

[ed 123] 09/8/2007 08:19

I've not read anything, but clearly someone wants them suddenly.

[abcd1234] 09/8/2007 08:16

why the sharp spike ?

[ed 123] 08/8/2007 20:57

Bounced nicely off 1800 - made up for yesterday.

[faraway] 07/8/2007 17:09

FTSE up ~ 120 & FPT is looking like being up 2p on the day - must be a record in there somwhere!

[ed 123] 01/8/2007 09:00

Macquarie looking wobbly but Forth holding up nicely.

[ed 123] 11/7/2007 11:52

Wrong again, Ed 123. Forth's shareprice is performing nicely in this shakey market. Solid value counts.

[ed 123] 09/7/2007 17:15

I expect Forth to follow the housebuilders down a bit. It's just my opinion, though, and I've been wrong before with this one.

The Bovis statement looked OK-ish, imho, but the shorters were waiting to jump on anything less than outright bullish. Forth collected some of the stray fire.

[ed 123] 08/7/2007 22:25

Thanks, Gateside.