A council-owned port has turned major profits to boost the city’s coffers, freeing up money for essential public services and further green investments.
Figures for Portsmouth Port show an £8 million profit following a report released on Wednesday 13 March, which looks at how the port performed across the 23/24 financial year and how much it will contribute to the council’s budget.
The report also outlines a focus on long-term growth, led by environmental and ethical standards.
Results show that ferry passengers travelling through Portsmouth are bouncing back to pre-pandemic levels, with numbers reaching 95 per cent of 2019 records and a strong showing for car passengers.
While freight from the EU is 20 per cent down in comparison to four years ago, trade from the Channel Islands has increased due to a third vessel from Condor Ferries.
Cllr Gerald Vernon-Jackson Cabinet Member responsible for the Port said: “This report is great news for the city.
“It shows that our council-owned port is performing really well and has weathered the storm of some challenging times. With passenger numbers very close to pre pandemic levels we are optimistic that we’re heading in the right direction.
“Profit from the port goes directly to the council and £8m will support much-needed local services for all our residents, and helps to continue investing so we can become the greenest port in the UK. As a council service the success of the port has an impact for everyone in our city.
“Our focus is to continue growing in a sustainable way, both ethically and environmentally. We join our partners Brittany Ferries and Condor Ferries in supporting the UK’s Seafarers’ Charter, which protects seafarers irrespective of flag or nationality.
“Using the cost of living crisis to operate a low-cost model is just an excuse, and exploits those who deserve to be paid and treated fairly.
“The good news is that Portsmouth International Port continues to thrive and the city is benefitting from its growth through profits contributing to the council’s budget.”
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