Belfast Telegraph

Company Report: Larne Harbour

By John Simpson

Larne Harbour is a wholly-owned subsidiary within the P & O Ferries group. The port has experienced some reduction in the scale of ferry operations in the last five years since the withdrawal of the Stena Line services to relocate in Belfast.

Since mid-2012 the company registered for Larne Harbour has also been the owner of the Port of Cairnryan, which was bought from another P & O subsidiary for £1.35m.

Business turnover through Larne Harbour Ltd dropped in 2012, compared to 2011, by just over £2m to reach £4.6m.

Since then, turnover has been relatively stable and rose slightly in 2014.

Earlier accounts show that the main revenue-earning features of the port are ship charges and charges for cargo services. Together these accounted for over 77% of revenue. Passenger charges were less than 18%.

Year by year, after the downturn in 2011, the company has earned profits of over £2.5m, which rose to an operating profit of over £2.8m in 2014. No dividends have been paid to the parent company shareholder in the most recent year.

Post-tax profits have usually been retained within the company and added to the accumulated profits to become an addition to the balance sheet value of shareholders' funds.

From the end of December 2011 to the end of December 2014, the balance sheet value of shareholders' funds rose by just under 70% to £14.6m.

Direct employment by the company has varied only marginally at around 30 employees.

Belfast Telegraph