Business

Port reports record turnover, but debt, emissions and senior pay also rise

Published

3 weeks ago

May 15, 2026

Annual report shows strong growth and major investment, but underlying figures reveal a more complex picture

THE PORT OF MILFORD HAVEN has reported another year of growth, investment and strong trading performance, with rising cargo volumes, record turnover and major spending on infrastructure across the Haven Waterway.

The Port’s 2025 Annual Report shows gross tonnage rose by 11%, while total cargo movements increased by 17% to 38.3 million tonnes.

Turnover also reached £45.2 million, up from £43.2 million in 2024, marking a fourth consecutive year of revenue growth.

The Port said service performance remained strong, with more than 98% service availability for customers using its pilotage services.

As one of Pembrokeshire’s most important economic institutions, the Port plays a central role in jobs, energy, tourism, marine safety and long-term investment across the Haven.

Dr Siân George, Chair of the Port of Milford Haven, said: “Our continued growth has been achieved not by chance, but through deliberate choices, and reflects our long-term perspective – one that prioritises our customers and our many stakeholders.

“As a trust port, we are committed to our mandate to ensure we hand on the Port in a better condition to future generations. We do this by placing responsible growth, environmental stewardship and prosperity for the communities who depend on the Waterway, at the forefront of our decision-making process.”

Tom Sawyer, CEO at the Port, added: “I would describe 2025 as another year of solid performance; one where our service delivery and business resilience continued to improve.

“We saw our fourth consecutive year of revenue growth and another year of strong profits. We thank our customers and Waterway communities and partners for their ongoing support, collaboration and challenge helping us to continually improve.

“And our thanks to our teams who have worked with an unerring focus on ensuring the Port of Milford Haven continues to deliver what our customers and communities deserve.”

Major investment

The Port continued a major investment programme during the year, spending £18 million in 2025 following £27.4 million in 2024.

Projects included a new pilot boat, upgrades to the Vessel Traffic Services command centre, refurbishment of marine facilities and further development at Milford Docks and Milford Waterfront.

The new 22-metre pilot boat, Llanion, completed sea trials and is expected to strengthen safety and resilience for vessel movements on the Waterway.

The Port also continued to position Pembroke Port for future floating offshore wind opportunities linked to the Celtic Freeport.

Supporters of that strategy argue that Milford Haven and Pembroke Dock could become central to the next generation of energy jobs, particularly if floating offshore wind develops at the scale hoped for by government and industry.

The Port also expanded its workforce, with 25 new employees joining in 2025 and four apprentices taken on, which it described as a record intake.

Its marine team has grown by 35% over five years.

Community role

The annual report highlights the Port’s role as a trust port, meaning it does not have shareholders and reinvests profits back into the business.

It says close to £500,000 was invested in community initiatives during the year.

These included water safety programmes, youth projects, support for Milford Youth Matters, the Torch Theatre, STEM opportunities for young women and local environmental work around the Haven Waterway.

Milford Waterfront also received recognition through a Tripadvisor Travellers’ Choice Award, while the Port said its hotels and tourism assets continued to support local jobs and visitor numbers.

The organisation was also recognised as one of the UK’s Best Workplaces for Women, an achievement in a sector that has historically been male dominated.

Profit picture

But the report also shows that, beneath the positive headline figures, the Port faces financial and environmental pressures.

Although turnover increased, operating profit fell from £6.8 million in 2024 to £5.2 million in 2025.

Profit before interest and tax rose to £6.9 million, but that figure was helped by a £1.7 million gain from the revaluation of investment properties.

The Port’s underlying profit measure, which strips out some accounting costs such as depreciation and amortisation, also fell from £11 million to £9.2 million.

That suggests the organisation is still profitable, but facing higher costs and tighter margins despite increased shipping activity.

Borrowing rises

Borrowing also rose sharply during the year.

The report shows total borrowings increased from £17.5 million to £25.2 million, while net debt rose from £15.3 million to £20.7 million.

Much of that increase appears to be linked to long-term capital investment, including marine infrastructure, dock improvements and hospitality assets.

Ports are expensive businesses to run and maintain, and major investment often requires borrowing.

However, because the Port is a trust port with responsibilities to the wider community, the level of borrowing is a legitimate matter for public scrutiny.

The Port says committed financing is in place until 2028 and points to strong operating cash flow and diversified income as evidence of resilience.

Emissions increase

The report also sets out the Port’s sustainability ambitions, including a target to cut total greenhouse gas emissions by 63% by 2035 and reach net zero by or before 2050.

It generated close to five gigawatt hours of renewable energy in 2025, avoiding almost 900 tonnes of carbon dioxide equivalent emissions.

But the report also shows direct emissions increased.

Scope 1 emissions rose from 1,340.39 tonnes of carbon dioxide equivalent in 2024 to 1,578.15 tonnes in 2025, largely due to diesel use.

Carbon intensity also rose from 31.03 to 34.94 tonnes of carbon dioxide equivalent per £1 million of turnover.

The figures underline the challenge facing the Port as it tries to balance growth in marine activity with its environmental ambitions.

Executive pay

Another figure likely to attract attention is senior remuneration.

The annual report shows the highest-paid director received £494,000 in 2025, compared with £271,000 in 2024.

The Port says the figure included a one-off compensatory award following benchmarking of senior executive pay.

There is no suggestion of wrongdoing, and the Port is entitled to argue that a nationally significant energy port requires experienced leadership.

But at a time when many local households and businesses are facing rising costs, executive pay at a trust port is a legitimate public-interest question.

Balanced picture

Overall, the Port of Milford Haven remains one of Pembrokeshire’s most important economic success stories.

The report shows a business that is growing, investing and planning for the future while maintaining a crucial role in UK energy infrastructure.

It also shows an organisation contributing to local skills, tourism, community projects and long-term regeneration.

But the annual report is not simply a success story.

It also shows falling operating profit, rising borrowing, increased direct emissions and a sharp rise in the remuneration of the highest-paid director.

Those issues do not cancel out the Port’s achievements.

But they do matter.

For a trust port serving Pembrokeshire and the wider national interest, scrutiny is not hostility. It is accountability.

Business

Rail delays and cancellations fall after regulator intervention

Published

12 hours ago

June 7, 2026

Tom Sinclair

PASSENGERS in Wales and the West of England are seeing fewer train cancellations and slightly better punctuality following action by the rail regulator.

The Office of Rail and Road has formally closed enforcement action against Network Rail after monitoring a long-term performance improvement plan for its Wales and Western region.

The plan followed an investigation in 2024, which found that Network Rail’s infrastructure and working practices were contributing to poor train performance across the region.

Since August 2024, Network Rail says cancellations have fallen by more than a fifth, while the proportion of trains arriving within three minutes of their scheduled time has improved from 77.6% to 79.4%.

The improvements followed work on track, overhead line equipment, axle counters and points in the Thames Valley area, as well as flood resilience work at Chipping Sodbury.

Network Rail has also introduced welfare officers at key Thames Valley stations to help prevent trespass and has made changes to train control, timetable planning, incident learning and the management of stranded trains.

Graham Richards, Director of Planning and Performance at the Office of Rail and Road, said: “Following concerted efforts from Network Rail, and continued engagement by our teams at ORR, I am pleased to see that passengers in Wales and Western are experiencing better, more reliable train services.

“Nevertheless, we know that for many passengers train performance is not what they would expect – so we are continuing to work with train operators and Network Rail across the country on how to further improve performance.”

Mark Killick, Network Rail’s Managing Director for Wales and Western Region, said: “Customers are seeing a more reliable railway, reflecting the extensive improvements we’ve delivered over the last two years.

“We know delays and cancellations still impact journeys, so while this progress is a positive step, we continue to work closely with our industry partners to deliver an ever more reliable railway for our customers.”

Business

Pembrokeshire workers among Wales’ higher earners, new study finds

Published

12 hours ago

June 7, 2026

Tom Sinclair

PEMBROKESHIRE workers are among the higher earners in Wales, according to new research analysing full-time weekly pay across the country.

The study by CV Maker, using Office for National Statistics data from April 2025, placed Pembrokeshire eighth out of Wales’ 22 local authority areas for median gross weekly earnings.

Full-time workers in Pembrokeshire earn an average of £711.30 per week, putting the county slightly above the Welsh average of £704.

The figure also places Pembrokeshire ahead of Swansea, Ceredigion, Carmarthenshire, Powys and Gwynedd.

By comparison, Monmouthshire was named the highest-paid area in Wales, with full-time workers earning an average of £773.50 per week. Merthyr Tydfil recorded the lowest figure, at £619.20 per week.

That means the gap between the highest and lowest-paid areas in Wales is £154.30 per week, equivalent to more than £8,000 a year.

Pembrokeshire’s average weekly earnings are £7.30 above the Welsh average, but £62.20 below Monmouthshire.

The figures also show a marked difference between Pembrokeshire and neighbouring Carmarthenshire, where full-time workers earn an average of £657.70 per week. That puts Pembrokeshire workers £53.60 per week better off on average, or around £2,787 a year.

Ceredigion sits closer to Pembrokeshire, with average weekly earnings of £675.70 — £35.60 lower than Pembrokeshire.

The research ranked the ten highest-paid areas in Wales as Monmouthshire, Newport, Flintshire, Cardiff, Bridgend, Wrexham, Neath Port Talbot, Pembrokeshire, Swansea and the Isle of Anglesey.

Nicky Klaasse, CEO at CV Maker, said: “These figures highlight the significant wage disparities across different regions in Wales.

“While the national average weekly earnings sit at £704, there’s a notable £154 gap between the highest and lowest-paying areas.

“For job seekers in Wales, this data provides valuable insights into where the highest earning potential might be found.”

The company said the figures were based on ONS median gross weekly earnings for full-time employees, ranked by local authority.

Business

Cardiff Airport passes one million passengers as growth continues

Published

18 hours ago

June 7, 2026

Tom Sinclair

CARDIFF AIRPORT has welcomed more than one million passengers over the past 12 months, marking a major milestone in its continued recovery.

New Civil Aviation Authority figures also show the airport was the second-fastest growing in the UK in the first quarter of 2026, with passenger numbers up 24 per cent compared with the same period last year.

The airport said the growth reflected increasing demand for flights from Wales, with airlines expanding services and adding more destinations.

New routes boost numbers

Recent developments include the launch of WestJet’s direct Cardiff to Toronto service, offering onward connections across Canada and the United States.

TUI is also basing a fourth aircraft at Cardiff this summer, with new destinations including Hurghada in Egypt, Faro in Portugal, Fuerteventura in the Canary Islands, and Kittilä in Finland.

Crystal Ski has introduced new winter flights to Turin in Italy, following strong demand for Chambéry in France and Salzburg in Austria.

Additional TUI capacity has also been added to Antalya, Gran Canaria, Palma, Enfidha and Tenerife.

Rugby fans add to milestone

Cardiff Airport said more than 19,000 international rugby fans travelled through the airport during the EPCR Challenge Cup Final, Investec Champions Cup Final and Six Nations fixtures.

The airport has also reported a 14 per cent rise in passengers compared with the 2024/25 financial year, while Ryanair is operating its busiest-ever summer programme from Cardiff.

Jon Bridge, chief executive of Cardiff Airport, said: “Welcoming more than one million passengers is a major milestone for Cardiff Airport and a clear sign of the growing demand for flights from Wales.

“To be recognised by the Civil Aviation Authority as the second fastest-growing airport in the UK is a fantastic achievement and reflects the hard work of our colleagues and partners, as well as the confidence passengers and airlines continue to place in Cardiff.

“We are focused on building on this momentum, expanding connectivity and delivering long-term benefits for Wales and the wider economy.”

Push to restore Qatar link

Despite the recent growth, questions remain over whether Cardiff Airport can restore one of its most important long-haul connections — the direct Qatar Airways service to Doha.

The route, which launched in 2018 and provided a key global hub connection to Asia, Australia and the Middle East, was suspended during the Covid pandemic and has yet to return.

Cardiff remains the only former UK Qatar Airways destination not to have seen the service resume after the pandemic.

Efforts to bring the airline back are continuing. The Welsh Government has previously said Cardiff Airport executives remain in commercial negotiations with Qatar Airways over the possible return of the Doha route, with ministers saying they would welcome its resumption when the timing is right for both sides.

The loss of the service has been keenly felt by business and leisure travellers from Wales, many of whom now travel via London, Birmingham or Manchester for long-haul flights.

Before its suspension, the Doha route offered onward connections to destinations across Asia, Australasia and the Far East, including Thailand, Japan and Australia.

Conservative Senedd Member for the Vale of Glamorgan and Bridgend, Andrew RT Davies, said the airport’s failure to secure the return of Qatar Airways remained a concern.

He welcomed the latest passenger figures, describing them as “promising and encouraging”, but said the absence of the Doha service from the airport’s next steps suggested its return was “looking less and less likely”.

The Qatar Airways service to Doha was suspended at the start of the Covid-19 pandemic. While the airline has since resumed services from other UK airports, Cardiff has not yet seen the route restored.

Mr Davies said: “It’s promising and encouraging to see Cardiff Airport attracted over a million passengers last year.

“But it’s concerning that the Airport hasn’t listed the return of Qatar Airways as part of its next steps.

“Qatar have resumed flights at every other British Airport other than Welsh Government owned Cardiff – if it’s to become profitable it needs to attract carriers of this profile.”

Economic impact

Cardiff Airport says it supports thousands of jobs across South Wales and contributes more than £200 million annually to the Welsh economy.

Alongside passenger growth, the airport said cargo remains a major strategic focus, with opportunities to grow freight capacity, attract new commercial partnerships and strengthen the airport’s long-term resilience.