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Profits up for port company

PUBLISHED: 13:13 04 September 2002 | UPDATED: 12:34 03 March 2010

OWNERS of two Suffolk ports got a boost today as figures showed turnover is up by more than £10m in the first half of 2002.

Associated British Ports Holdings PLC, which owns the ports in Ipswich and Lowestoft, announced a six per cent increase in turnover from £202.

OWNERS of two Suffolk ports got a boost today as figures showed turnover is up by more than £10m in the first half of 2002.

Associated British Ports Holdings PLC, which owns the ports in Ipswich and Lowestoft, announced a six per cent increase in turnover from £202.1m in 2001 to £213.7m. Share prices are also soaring and are already up five per cent.

The group is a leading provider to shippers and cargo owners of innovative and high quality port facilities and services. They employ around 3,000 people throughout the UK and the USA.

Bo Lerenius, the group's chief executive said this was great news for them.

"This performance is particularly pleasing given the current uncertain economic climate and once again demonstrates the advantage of pursuing a strategy of developing new business with long term contracts and quality customers.

"The groups' strong cash flow and diverse spread of geographical and cargo risk means we are well positioned for the second half of the year."

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