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

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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

Crackwell Street closure extended again as Tenby traders voice frustration

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TRADERS in Tenby have been left frustrated after Pembrokeshire County Council extended the closure of Crackwell Street once again.

The street, which provides direct access to Tenby Harbour, has been closed for several months to allow scaffolding work to be carried out at Goscar House.

It had been due to reopen on Friday, but the council has now extended the closure until June 19.

Local businesses say the repeated delays have affected trade, with concerns that the ongoing closure is making access to the harbour area more difficult during a busy period for the town.

The road remains closed while scaffolding is in place at the property.

Caption:

Ongoing closure: Scaffolding remains in place on Crackwell Street, Tenby (Pic: Malcolm Richards).

 

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Celtic Freeport five-year plan puts Milford Haven at centre of green energy future

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Strategy promises investment, skilled jobs and new supply chains, but major barriers remain over grid connections, planning and delivery

THE CELTIC FREEPORT has published a new five-year strategy setting out how Milford Haven and Port Talbot will be used to attract major investment, create jobs and build a new low-carbon industrial economy across South and West Wales.

The plan, published today, Monday (Jun 15), says the Freeport will focus on renewable energy, advanced manufacturing, port infrastructure, floating offshore wind, hydrogen, sustainable fuels, carbon capture, cleaner steel and low-carbon logistics.

For Pembrokeshire, the strategy places Milford Haven at the heart of plans to modernise port infrastructure, support future energy projects and create new employment and training opportunities for local people.

The Celtic Freeport spans sites in Milford Haven and Port Talbot and is backed by a public-private partnership involving Associated British Ports, Camplas, Dragon LNG, Impala, Ledwood Mechanical Engineering, Neath Port Talbot Council, the Port of Milford Haven, RWE and Pembrokeshire County Council.

Over a 25-year period, the Freeport is projected to deliver more than £8bn of investment and create 11,500 jobs.

Focus on Milford Haven

The five-year strategy says the Freeport will help enable major port infrastructure upgrades to support the roll-out of floating offshore wind.

Milford Haven is already one of the UK’s most important energy ports, and the plan makes clear that the area is expected to play a major role in the transition from traditional energy industries to cleaner fuels and renewable power.

The document says the Freeport will work to attract investment into key sectors including offshore wind, hydrogen, solar, batteries, sustainable aviation fuel, ammonia, pipelines, carbon capture and storage, and advanced manufacturing.

It also says the Freeport wants to create a stronger local supply chain so that businesses in Pembrokeshire and the wider region can benefit from major industrial development, rather than seeing work and contracts go elsewhere.

The strategy says one of the aims is to ensure local businesses and landowners are supported in accessing capital and external investment for land remediation, infrastructure upgrades and priority projects.

Jobs and skills

A major part of the plan focuses on skills, training and local employment.

The Freeport says it wants to create a “sustainable talent pipeline” where local people can see future job opportunities and receive support with upskilling, career advice and connections to employers.

The strategy says this will include work with schools, colleges, trade unions, local authorities and employers to identify future skills gaps and create employment pathways.

Pembrokeshire College is named among the education partners expected to help deliver workforce transition and future skills for both existing energy industries and new green energy sectors.

The plan also says the Freeport will look at ways to support economically inactive people into work and will consider using some funding to establish a community fund focused on projects that visibly benefit local people, including possible support for transport-related challenges.

Investment and infrastructure

The strategy sets out four main priorities for the next five years.

These are driving capital investment into key Freeport industries, helping landowners progress development projects, exploring local supply chain innovation and decarbonisation, and laying the foundations for a thriving skills market.

The Freeport says it will deliver a £25m seed capital programme by the end of 2028/29 and will prioritise at least two seed capital projects in 2026, subject to agreements on governance and funding.

Business cases for selected projects are expected to be prepared during 2026 before being considered by the Celtic Freeport board. If projects are no longer considered feasible, the strategy says a reallocation process will be required.

The Freeport also plans to build a pipeline of future investment projects using retained non-domestic rates, with revenues expected to begin flowing back from 2028.

The document says business development and marketing will be used to attract high-value tenants to priority sites, including through international investment campaigns and sector-specific proposals.

Planning and grid issues

The plan acknowledges that major development is not straightforward.

It says businesses face challenges including grid connection issues, planning delays, policy uncertainty and the high upfront cost of infrastructure.

To tackle this, the Freeport says it will work with the UK and Welsh Governments, Natural Resources Wales, local authorities and public investment bodies to remove barriers and unlock private investment.

It will also hold monthly meetings with landowners to monitor progress, identify delivery problems and escalate strategic risks where necessary.

Governance and public accountability

The strategy also sets out plans to expand the Freeport’s governance arrangements.

The current board includes representatives from Milford Haven Port Authority, Associated British Ports, Pembrokeshire County Council and Neath Port Talbot Council.

The Freeport says this structure will be expanded to include non-executive directors and representatives from key landowners and business operators.

The plan also includes commitments to publish board schedules and minutes, hold one public board meeting each year, organise an annual community open day, run skills and employment sessions in schools, and hold local job fairs and apprenticeship roadshows as opportunities grow.

Trade unions are also expected to have a formal route into the process through a workers’ consultative forum, with the strategy saying unions will help inform skills interventions, fair work principles and employment priorities.

Cathy Hall, Interim CEO of the Celtic Freeport, said: “This Five-Year Plan sets out how the Celtic Freeport will support businesses across the region to decarbonise, grow and access new opportunities.

“We will be focussing on delivering projects to consolidate the region’s strong industrial future.”

The publication of the plan marks an important moment for Pembrokeshire, where hopes of long-term industrial renewal are closely tied to Milford Haven’s role in energy, ports and marine engineering.

Supporters say the Freeport could bring major investment and skilled jobs to the county.

But the success of the plan will depend on whether the promised benefits are felt locally, whether Pembrokeshire firms can win work from the new supply chains, and whether young people in the county are given a realistic route into the jobs created by the green industrial transition.

 

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Specialist clinic launched in Haverfordwest to treat common eye condition

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A HAVERFORDWEST opticians has launched a specialist clinic for dry eye disease, offering new support for people living with the common condition.

Specsavers Haverfordwest has introduced its Advanced Dry Eye Clinic to give customers access to in-depth diagnosis and targeted treatment for dry eye.

Dry eye is a common, but often misunderstood, condition where the eyes do not produce enough tears, or the tears evaporate too quickly, leading to discomfort, irritation and sometimes blurred vision.

It can be linked to a range of factors, including increased screen use, contact lens wear, ageing and environmental conditions. As many as one in three people suffer from dry eye and most causes can be treated.

Many people are surprised to learn that watery eyes can actually be a sign of dry eye, as the eyes produce poor-quality reflex tears in response to irritation. The new service provides an in-depth approach to diagnosing and managing the condition.

While many high street opticians now offer dry eye clinics, Specsavers Haverfordwest provides a wider range of specialist treatments and technology that are not commonly available.

Using advanced imaging to assess the eyes and tear glands, the team can identify the underlying cause of symptoms and create a personalised treatment plan for each customer.

Whilst there are a range of different treatments available, the major investment has been in the introduction of eye-light devices, bringing advanced IPL (Intense Pulsed Light) and LLLT (Low-Level Light Therapy) treatments to customers suffering from dry eye symptoms.

Designed to target the underlying causes of dry eye disease, the eye-light device combines clinically proven light-based therapies to help improve tear quality, reduce inflammation, and restore eye comfort. The treatment is safe, non-invasive, and suitable for many patients experiencing irritation, burning, watery eyes or discomfort linked to screen use and modern lifestyles.

The clinic also supports contact lens wearers experiencing discomfort, helping them return to comfortable, everyday use.

Some of the first customers to use the clinic have already noticed improvements in their symptoms.

Danielle Thomas says: ‘I honestly can’t believe the difference. I’d been struggling with sore, gritty eyes for years and had given up wearing my contact lenses altogether – they just became too uncomfortable. I was constantly using drops with very little relief.

‘From the moment I walked into the dry eye treatment room, it felt completely different to a normal appointment. The environment is calm, almost spa-like and the whole experience was surprisingly relaxing. The treatments were comfortable and the team explained everything so clearly. After just three sessions the improvement was notable – my eyes feel normal again.

‘The constant irritation and watering have gone and I’m now back in contact lenses comfortably, which I never thought would be possible. It’s genuinely been life changing. I wish I’d known about it sooner.’

Wayne Jones, optometrist and retail director at Specsavers Haverfordwest, adds: ‘Dry eye is something we see very frequently, yet it’s still widely dismissed as a minor irritation. In reality, it can have a real impact on comfort, vision and overall quality of life.

‘What many people don’t realise is that, in many cases, there is an underlying cause that can be identified and treated.

‘By launching this clinic, we’re able to offer a much more detailed and personalised level of care here in West Wales, helping us support more customers locally. We would encourage anyone experiencing persistent symptoms such as dryness, irritation or blurred vision to have their eyes checked, as there’s often a treatable cause.’

People interested in using the clinic should call Specsavers Haverfordwest on 01437 767788 to book an initial assessment and discuss treatment options.

 

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