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Port’s report shows £3m fall in profits and fewer shipments

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THE PORT OF MILFORD HAVEN has published its 2017 Annual Report and Accounts, revealing a £3m fall in profits alongside a 2.8m tonne decrease in throughput for the year.

The Port feels this was due mostly to the ongoing volatility in the Liquefied Natural Gas industry which saw record low shipments in 2017, and in part to an additional £1m pension service charge due to changes in long term interest rates.

The report also records an increase in the number of employee concerns and incidents over the past year, with the Port suggesting this is merely a result of the updated complaint mechanism.

To illustrate the volatility of the Gas Industry, in 2011 the port handled 126 LNG vessels. In 2013 this had fallen to 54, rising again to 91 in 2015, before falling to a low of 36 in 2017-just over one quarter of the throughput in  2011.

This volatility is driven by the differential in the price of wholesale gas in the UK market compared to other markets such as the Far East and Latin America.

This is not due to Brexit, nor low oil prices, but is due to the balance of supply and demand in the gas wholesale markets, not only in the UK, but also across the globe.

The global market for LNG is heavily influenced by the regularly fluctuating price, with increased demand in locations such as China and India seeing it sold there rather than being transported to Milford Haven.

In 2016’s report, the Port recorded a 26% reduction in the volume of LNG handled and they had anticipated this headline trade being substantially lower again in 2017.

Chris Martin, Chair of Board conceded that the significant reduction in LNG activity supports the need to diversify the Port’s revenues into new areas of business, reducing the impact of oil and gas market influences or the loss of a major customer.

A major investment was completed last year which saw the acquisition of Havens Head Retail Park. The retail park will complement the Port’s extensive property portfolio and become a key part of the Milford Waterfront development, creating close to 600 new jobs in Milford Haven. The first construction element is now underway.

Pension costs in 2017 were, at £2.3m, nearly £1m higher than in the preceding year. This additional charge taken through the profit and loss account is based on a technical calculation driven by accounting standards of the true annual cost to the port of funding pension obligations.

The calculation is highly dependent on current long term interest rates which reduced significantly in 2016 and which led to the £6.6m reversal of the Port’s scheme into a 10% deficit position shown in 2016’s accounts.

The accounting entries serve to underline why, in terms of employee benefits, it is now almost universally the case that businesses have moved substantially towards offering defined contribution schemes only.

The Port’s policy is to provide employee pay and benefits in line with the median market and therefore it is currently consulting on a move to a  defined contribution scheme for new employees.

In the past year the Port has set up an Assurance Framework (AF) to provide a mechanism for reporting incidents, near misses and concerns, whether they are minor or major in nature.

Employees are encouraged to submit AF reports, which resulted in the number rising from 247 in 2016 to 318 in 2017.

During the year the number of near misses fell from 81 to 20, concerns increased from 67 to 124 and incidents rose from 99 to 174.

The Port were however able to record zero lost time accidents in 2017.

 

Charity

Vincent Davies raises £13,682 for air ambulance charity

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Independent Haverfordwest store backs lifesaving crews with year of community fundraising

A WEST WALES department store has raised more than thirteen thousand pounds for a lifesaving emergency service after a packed year of community fundraising.

Staff at Vincent Davies Department Store collected £13,682 for the Wales Air Ambulance Charity, after voting the organisation their Charity of the Year for 2025.

The independent retailer organised events throughout the year, including an Easter bingo, bake sales, quizzes, raffles, staff sales, Christmas jumper days and a festive wreath-making workshop. Charity jam jars placed in Café Vincent also helped gather steady donations from customers.

One of the most popular attractions was the store’s charity singing penguin trio, which drew smiles from shoppers of all ages and boosted collections.

Sarah John, Joint Managing Director at Vincent Davies, said: “Raising £13,682 for the Wales Air Ambulance Charity is something we are extremely proud of at Vincent Davies Department Store. As a director, it’s wonderful to see our community come together to support a charity that makes such a lifesaving difference.”

The air ambulance is consultant-led, delivering hospital-level treatment directly at the scene of serious incidents and, when needed, transferring patients straight to the most appropriate specialist hospital.

Working in partnership with the NHS through the Emergency Medical Retrieval and Transfer Service, crews can provide advanced critical care including anaesthesia, blood transfusions and even minor surgical procedures before reaching hospital.

Operating across the whole of Wales, its teams travel the length and breadth of the country by helicopter and rapid response vehicle to reach patients quickly in both rural and urban areas.

This is not the first time the Haverfordwest store has backed the cause. In 2016, staff previously raised £5,831 when the charity was also chosen as their beneficiary.

Mike May, the charity’s West Wales Regional Fundraising Manager, said: “We are so grateful to Vincent Davies Department Store for raising an incredible amount for our charity. Throughout the year they put on a variety of different events and what a successful fundraising year it was.

“The charity needs to raise £13 million every year to keep our helicopters in the air and our rapid response vehicles on the road. By raising £13,682, the staff and customers have played an important part in saving lives across Wales.”

The store says it will announce its Charity of the Year for 2026 in the coming weeks.

 

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Crime

Police assess complaints over Mandelson–Epstein links

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Met says allegations will be reviewed to see if criminal threshold is met following release of US court files

SCOTLAND YARD is reviewing a series of complaints alleging possible misconduct in public office after fresh claims emerged linking former UK ambassador Peter Mandelson to convicted sex offender Jeffrey Epstein.

The Metropolitan Police Service confirmed it has received “a number of reports” following the publication of millions of pages of material by the United States Department of Justice, and will now decide whether any alleged conduct reaches the level required for a criminal investigation.

Commander Ella Marriott said the force would assess each report individually, stressing that a review does not automatically lead to formal proceedings.

The documents, widely referred to as the “Epstein files”, appear to show Mandelson corresponding with Epstein while serving as business secretary during the government of Gordon Brown at the height of the global financial crisis.

According to reports, Epstein was allegedly given insight into internal policy discussions, including proposals around banker bonus taxes in 2009 and details of a eurozone bailout package shortly before it was announced publicly.

Payments questioned

Bank records cited in the US disclosure reportedly show payments totalling 75,000 US dollars made to Mandelson between 2003 and 2004. It is also claimed Epstein paid for an osteopathy course for Mandelson’s husband.

Mandelson has denied any wrongdoing and said he has “no record or recollection” of the alleged transfers.

On Sunday he resigned his membership of the Labour Party, saying he did not want his continued association to cause further difficulty for the party.

In interviews, he dismissed suggestions that Epstein influenced his decisions as a minister and said nothing in the released files pointed to criminality or misconduct on his part.

Pressure mounts

The political fallout has intensified, with Downing Street confirming Keir Starmer has asked Cabinet Secretary Chris Wormald to carry out an urgent review into Mandelson’s historic contacts with Epstein while in office.

Brown has also called for an examination of whether any confidential or market-sensitive information was improperly shared during the financial crisis.

The case is the latest in a series of controversies linked to Epstein’s long-standing relationships with powerful figures on both sides of the Atlantic.

Police emphasised that no charges have been brought and that Mandelson is not currently under criminal investigation, but said the complaints process would be handled “thoroughly and impartially”.

 

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Community

Councillor meets chief constable to address Monkton and Pembroke concerns

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COUNTY COUNCILLOR Jonathan Grimes has met with the new Chief Constable of Dyfed-Powys Police to discuss crime, antisocial behaviour and wider community issues affecting residents in Pembroke and Monkton.

Cllr Grimes, who represents Pembroke St Mary South and Monkton, said the meeting followed his invitation for senior police leaders to visit the area and hear first-hand about local concerns.

The Chief Constable, Ifan Charles, attended alongside officers from the Pembroke Neighbourhood Policing and Protection Team, meeting the councillor in Monkton for what were described as open and constructive talks.

As part of the visit, they also spoke with Monkton Priory Community Primary School headteacher Dylan Lawrence and Danny Nash from Pembrokeshire County Council Housing Services to gather views from education and housing professionals.

Discussions covered a range of issues raised by residents, including domestic abuse, drug and alcohol misuse, antisocial behaviour and environmental concerns such as littering, dog fouling and dangerous or inconsiderate driving.

Cllr Grimes acknowledged recent police successes, particularly in tackling drug-related activity, but said enforcement alone would not solve the area’s challenges.

He said closer cooperation between the police, council services, schools and the wider community would be needed to deliver longer-term improvements.

The councillor added that he plans to encourage residents to form a local community group in the coming weeks, aimed at developing practical solutions and strengthening partnership working across the area.

 

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