Port of Tyne said its adjusted pre-tax profit increased to £2.1 million and turnover rose 22% to £57.5 million in 2018, with almost all existing business streams seeing an improvement in performance.

As a result, 2018 EBITDA (earnings before interest, tax, depreciation and amortization) soared 54% to £11.7 million.

Port of Tyne CEO Matt Beeton said: “2018 proved to be a financially successful year allowing us to invest £8.7m in facilities to support our growth and looking forward, in January 2019 the Port secured a £60m refinancing package from Lloyds Bank Commercial Banking, ensuring we can continue to capitalise on our sustainable growth strategy going forward in to 2019 and beyond.

“Thinking long-term and preparing for the future will set us on the path of meeting our vision of growing the business, creating a sustainable port that continues to add over £621m to the economy.”

Beeton also announced to stakeholders plans to launch a Tyne 2050 strategy “fully aligned with the governments aspirations laid out in Maritime 2050” – which was developed in collaboration with a panel of industry experts, including the Port of Tyne’s chair Lucy Armstrong.  

Tyne 2050 is based around the themes of Technology, Business Development, Infrastructure Planning, Safety and Environmental Management, People, Security and Resilience and Community.

“We need to think long-term and Tyne 2050 will develop initiatives that seek to meet the challenges of the UK’s maritime and transport infrastructure, by strengthening collaborations with business and the community, supporting skills and innovation,” said Beeton.