Associated British Ports (ABP) slumped back into the red after “ongoing uncertainty” in the global economy took a toll on its finances.
ABP, the UK’s biggest port operator, saw its pre-tax loss hit £120m during 2023, down from a pre-tax profit of £563m in the 12 months before, according to results that have just been filed with Companies House.
This was despite an increase in revenue, which reached £729m during the year, up from £678m in the year before.
These most recent results marked a return to the red for ABP, which, until 2022, hadn’t made a pre-tax profit since 2013.
In a statement published to Companies House, the group said: “Despite ongoing uncertainty in the global economy due to geopolitical events, ABP’s ports continue to operate with minimal disruption due to the resilience and hard work of all our frontline and marine colleagues.
“Trade volumes in 2023 have been impacted by the global disruption, inflation, and the challenges presented by the implementation of the EU-UK trade and Cooperation Agreement.
“On 29 August 2023 the government published a final version of the border target operating model to be progressively implemented from the end of January 2024.
“ABP continues to engage with all stakeholders with regards to any future changes.”
The company’s headcount increased by 66 over the 12 months, bringing the monthly average number of people employed by ABP to 2,460, which ABP said was mostly down to the acquisition of the Solent Gateway Port in Marchwood in February 2023.
Which ports does ABP own?
ABP owns and operates 21 ports around the UK, handling more than a quarter of the nation’s incoming cargo annually.
Its locations include the Humber, Southampton, South Wales, Plymouth and Port Talbot.
Its ports support more than £15bn of value from exports to the UK economy and over 200,000 jobs.
ABP has invested around £750m into its sites since 2019 with around £500m earmarked to develop its Port Talbot location in the coming year.