Associated British Ports 2003 Results
Associated British Ports Hldgs PLC
18 February 2004
EMBARGO: NOT FOR PUBLICATION OR BROADCAST
BEFORE 7.00 a.m. ON WEDNESDAY, 18 FEBRUARY 2004
ASSOCIATED BRITISH PORTS HOLDINGS PLC
Annual Results for the year ended 31 December 2003
Financial highlights
• UK ports and transport turnover up 7% to £349.1 million (2002: £325.7
million).
• UK ports and transport operating profit up 8% to £151.4 million (2002: £140.5
million), underlying UK ports and transport operating profit up 8% to £152.3
million (2002: £141.4 million).
• Pre-tax profit up 5% to £145.5 million (2002: £139.1 million), basic
earnings per share up 3% to 31.7 pence (2002: 30.9 pence).
• Underlying pre-tax profit up 3% to £141.6 million (2002: £138.1 million),
underlying earnings per share up 2% to 31.0 pence (2002: 30.4 pence)
reflecting this year’s reduction in property sales.
• Dividend up 3% to 15.25 pence (2002: 14.75 pence).
• Continued strong cash flow, underlying operating profit to operating cash
flow conversion 101% (2002: 115%).
Operational highlights
• Strategy implementation continues to produce growth in UK ports
Growth in roll-on/roll-off trade, deep-sea container traffic, vehicle imports
and exports, agribulks, forest products, imported coal and cruise-ship calls.
Agreement reached for the development of a £27.5 million two berth roll-on/
roll-off facility at the Port of Immingham with DFDS Tor Line PLC.
Approval process for deep-sea container terminal development at Dibden,
Southampton, on schedule – Government decision expected in 2004.
Cost-reduction programme complete – will deliver cost savings of at least £3.0
million per annum from 2004.
• Continuing pipeline of new business
12 new long-term contracts won in 2003.
Over 65 new contracts won over the last four years.
Bo Lerenius, Group Chief Executive, commented on the results and prospects:
‘The strong performance of the group’s UK ports business is particularly
pleasing. Our business model is consistent, resilient and highly transparent.
Half of the group’s UK ports business for 2004 is already under contract. While
any significant improvement in the global economy is uncertain it is improving
slowly, which is good for business in general. We also finished 2003 strongly,
which offers some encouragement for the year to come.’
Enquiries:
Associated British Ports Holdings PLC
Bo Lerenius, Group Chief Executive tel: +44 (0) 20 7430 1177
Richard Adam, Group Finance Director
Margie Collins, Corporate Communications Manager
Finsbury
James Murgatroyd tel: +44 (0) 20 7251 3801
James Leviton
18 February 2004
Notes to Editors:
Associated British Ports Holdings PLC is a leading provider to shippers and
cargo owners of innovative and high-quality port facilities and services.
The group’s principal subsidiary, Associated British Ports (ABP), is the UK’s
largest and leading ports group, handling almost a quarter of the country’s
seaborne trade.
The group owns and operates AMPORTS in the USA, which handles car imports and
exports and provides auto-processing services.
The group’s property investment and property development activities are focused
on opportunities within its ports.
The group employs around 3,000 people, mainly at port locations in the UK and
USA.
This, and other news releases relating to the group, can be found on the group’s
website,
www.abports.co.uk
Photographs:
Print resolution images of Bo Lerenius, Associated British Ports Holdings PLC’s
Group Chief Executive, operational management and general port scenes to
accompany this press release, can be viewed and downloaded free of charge from
www.vismedia.co.uk
Key financial figures
