The chief executive of Port of Tyne is to step down after ten years of the helm. It comes as the company reports an increase in revenue and EBITDA following a period of investment.
Under Andrew Moffatt's leadership Port of Tyne has invested more than £200m in infrastructure, equipment and people.
"I was proud to be appointed chief executive of the Port of Tyne ten years ago and have been extremely fortunate to have had the opportunity to make my own personal contribution to the development and growth of this well-established and respected business.
"I will be leaving knowing that the port is in much better shape than when I joined and it is an appropriate time to pass the leadership to someone who will look, I’m sure, to drive further growth in the future. I wish whoever that person is every success."
In 2017 Port of Tyne invested more than £100m in its south bank estate at South Shields, where new facilities to handle expanded volumes of wood pellet have been under construction.
Turnover increased to £47m while EBITDA climbed to £8m.
"More importantly, for 2018, we have budgeted for significant increases with EBITDA expected to rise by over 50 per cent to £13m," Moffatt added. "And I’m delighted to be able to report that we are currently on target to achieve this."
Four of the port's five businesses reported growth for the period, while one remained steady.
Chair Lucy Armstrong said:
"In 2017, the business continued its transition from the impact of the loss of substantive volumes of imported coal, towards increased wood pellet cargoes which will ensure the business returns to its growth trajectory.
"The construction of major new facilities for Lynemouth Power Ltd which progressed to commissioning during the year will facilitate this shift, and support increased volumes over a ten year period."
Source: Insider Media