Port of Milford Haven reports strong performance and strategic growth in 2024

The Port of Milford Haven in Wales has announced a year of further growth in its 2024 annual report, strengthening its position as the UK’s leading energy port.

Reporting turnover of £43.2 million (2023: £41.3 million) and operating profit of £6.8 million (2023: £4.1 million), the Port of Milford Haven is well positioned to deliver on its investment programme over the coming years while continuing to uphold its core purpose of the safe, responsible and efficient operation of the Milford Haven Waterway.

The Port continued its investment in support of pilotage operations. Key investments included the new, first in class pilot boat which will be delivered in late 2025, an upgrade to the pilotage simulator suite, and the renovation of the Mid-Channel Rock marker beacon. And as part of the Port’s ongoing diversification strategy, investment in the hospitality and renewables sectors also delivered positive outcomes, with the purchase of a second hotel in Pembrokeshire boosting income for the Port and helping take revenues from diversified operations to almost half of its total income in 2024.

In the renewables sphere, the completion of Pembroke Dock Marine has created a valuable operational base in Pembrokeshire. Alongside improving cargo handling performance at Pembroke Port these developments are helping deliver long term revenue stability, and better positioning the Port to withstand global economic fluctuations.

Commenting on the results in the annual report published today, Chief Executive, Tom Sawyer, said: “In a changing world and a year filled with geopolitical uncertainty, we’ve remained focused on what’s within our control, which is to deliver a safe, efficient and responsible port operation. Strategic investments in our core marine operations and our diversified business areas are delivering as anticipated and laying the groundwork to ensure maximum efficiency. This, along with a firm commitment to collaboration and providing excellent customer service, has been key. 

“We’re really proud that our growth has not just come in financial terms, but also in how we support our staff, our customers and our community,” the Chief Executive concluded. “As a trust port, we were proud to have directly supported our coastal community to the value of over £500,000 in 2024.”