The Port of Tyne has revealed an exceptional set of results for 2024, despite continuing economic uncertainty.
Revenue increased by 21% to £67million, EBITDA rose by 21% to £16.8 million - the highest in a decade - and profit before tax rose by 73% to £4.4 million.
The strong business performance was underpinned by a strong development pipeline in 2024.
There were also significant increases in volumes across the organisation’s business units, including cargo handling, property, cruise and ferry, and offshore renewables.
Matt Beeton, CEO at the Port of Tyne, said:
“Our strong 2024 financial results reflect the hard work and dedication of all my colleagues, as we advance our vision to build a smart port and achieve net zero.
“Six years ago, the Port of Tyne set out its vision for the future and a strategy for change. Tyne 2050 continues to guide our modernisation agenda, supporting efforts to decarbonise, digitise and innovate across our business networks.
“This strong foundation allows us to keep investing for the future, enabling major projects like the proposed £923 million high-voltage cable production facility at the overhauled Tyne Renewables Terminal.
“This is key as we continue to build our market presence as a regional hub for clean energy development and deployment.”
