Portsmouth International Port announces £8m profit as increasing passenger numbers hailed great success

Portsmouth International Port said they made a profit of £8m in a report issued yesterday (March 13) - tracking the financial performance for the 2023-2024 financial year. The report compared the first year of restriction-free cross-channel travel to pre-pandemic levels in 2019, while also charting the first 12 months of post-Brexit trade trends.

The port has seen a rising influx of ferry passengers, with numbers reaching 95 per cent of 2019 records. Car passengers also increased dramatically. Councillor 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."

The report showed freight from the EU has decreased by 20 per cent compared to four years ago. Trade operating to and from The Channel Islands has risen, largely due to MV Condor Islander becoming operational in late 2023. Competition from low-cost operators who pay crew lower wages has been blamed for the downfall in trade.

Brittany Ferries and Condor Ferries, who both operate in Portsmouth, have signed the UK's Seafarers Charter which means staff are paid a reasonable wage compared to the national minimum wage. France is bringing in legislation ferry operators who do not pay crew fairly will be fined if they visit French ports.

Cllr Vernon-Jackson said the council's focus is to grow the port in a ethically and environmentally sustainable way. "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," he added. "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."

Portsmouth port has been expanding into cruise travel, with this year's schedule being the busiest it has ever organised. The quirky and luxurious cruise ship AIDAluna visited the city for the first time on Tuesday (March 12), with other notable sailings such as Norwegian Star also scheduled.

A new carbon-neutral terminal is open and was built to accommodate more cruise passengers. It was constructed following £11.25m of government funding. Port director Mike Sellers said: "We have attracted over £70m of investment over the past few years, which has meant a berth extension to manage larger vessels, a new terminal extension to cope with more passengers and most recently our shore power project, which is set to be a UK first.

"This report demonstrates that long-term growth centred around environmental and ethical standards is achievable. With France looking to fine ferries that don't pay their crew fair wages means a fairer operating position for everyone and has the power to address an imbalance in trade. I'm confident that freight levels will increase and the passenger numbers will continue to grow. Ferry travel for freight and passengers is convenient, it's becoming the leading sustainable choice and through Portsmouth it is a memorable harbour for departure and arrival."