dún laoghaire harbour company

Harbour Company reports strong financial results for 2007

In a strong set of figures, the Harbour Company reported a 371% rise in profits to €10.4 million during 2007. This figure included a one-off unrealised profit on the sale of land. When this exceptional is excluded, profit before tax rose by 12% to €3.1 million. Turnover rose by 4.2% during the year to €10.7 with shipping turnover down by 2% while other revenues rose by 15%. Operating expenditure increased from €7,010,187 in 2006 to €7,181,776 in 2007 an increase of 2.4%.

The Company generated €3.6 million in cash from operations during 2007 and spent more than €3 million on capital projects including work on the resurfacing of the upper level of the East Pier and the restoration of Harbour Lodge on Crofton Road. Both projects were completed in 2008.

Under the terms of the development agreement for the Harbour Yard site the company agreed to sell the majority of the site to the Earlsfort Development Group and Christopher Bennett & Sons Limited in return for financial consideration which included licence payments totalling €4.59 million during the planning and construction

phases of the development and the ownership of an office building in the completed development. The building also comes with rental guarantees from the developers totalling €2.76 million. Work also began on repairs to the pier walls. An additional 230 berths were installed in the marina in the Harbour which can now accommodate 820 leisure craft and is the largest in the country.

Commenting on the results, Sean Costello, Chairman of the Harbour Company said, "These are a good set of results and we look forward to similar, strong results next year. The Company has appointed the RPS Group to carry out a detailed design study and financial evaluation of a proposed new 900 berth public marina in the East Bight in the Harbour. The study will build on the findings of an earlier study carried out for the Company by Fisher & Associates, which identified the need for an additional 1700 berths in the Harbour over the next 20 years if expected future demand is to be met. Following the completion of the study, which is expected to take six months, the board of the Company will decide whether to submit a planning application for the project."

Harbour Swim 2008

The annual Harbour Swim took place on Sunday 24th August and as usual the event had a large entry - over 230 starting in what was good weather by this summer's standards. The swim started at the old RNLI boathouse at the root of the East Pier, then went along the Carlisle Pier out to the East Pier lighthouse and then all along the East Pier wall to ?nish back at the boathouse. The men's race was won by Rene Kral from the Aquatec club who completed the course in 29 minutes 43 seconds, and the women's race was won by Julie Roche from Wicklow in 32 minutes 11 seconds.