Port of Cromarty Firth release year end results
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The Port of Cromarty Firth (PoCF) has released its annual results for the year ending 2022.
The Port saw its turnover rise to £9.8million, up from £9.2million in 2021. Meanwhile, total comprehensive income rose from just under £3million to £4.496million, with a surplus figure of £2.2million, up from £1.1million the year before.
Cruise liners accounted for 31 per cent of the Port’s revenue, while oil and gas continued to provide important income at 37 per cent. Renewables also performed well at 21 per cent, and is set to grow following the award to the Port of a new multi-million pound contract to support the construction of the Moray West Offshore Wind Farm.
Bob Buskie, chief executive of PoCF said: "The 2022 results are a reflection looking backwards, and we saw a resurgence in cruise ships, but a big decline in oil and gas, with lots of rigs leaving the Firth and being decommissioned."
"Looking at the future, we are making sure we are fit for purpose, and we have spent £3million in 2023 on scoping, concept and design for the future.
"The future for us is to make sure we have the capability for growth and to create long-lasting jobs."
When questioned on cruise liners, and the issue that tourists are by-passing Invergordon, Mr Buskie said: "We are here as an enabler of the different sectors, and we have invested a lot of money to facilitate traffic and coaches.
"We want to accommodate the industry, and that needs to be operated as seamlessly as possible.
"We have regular meetings with community groups to make sure that local people are benefitting, but ultimately it is up to individual entrepreneurs to maximise the opportunities.
"There is a lot of competition out there for cruise liners, and we are in a strategic position where we are. We hope to see 10 per cent year-on-year growth of the cruise liners."
In 2022, the Port also invested in a second custom-built pilot boat, Balblair, which arrived in April of last year to join the Dalmore. This took the total investment in its pilotage service over the last three years to around £1.5m.
This year the PoCF won its bid for green freeport status, along with other members, to become Inverness and Cromarty Firth Green Freeport.
Hugh Mitchell, chair of the Port’s independent board of directors, added: “I am delighted that 2022 saw an increase in turnover to £9.8m, as well as a surplus of £2.2m, which allows us to continue our journey of reinvestment and development, benefiting local stakeholders and the regional economy.
“Our vision remains resolute to play our part in supporting Scotland’s transition towards a net zero future by playing a key role in developing a renewable energy hub in the Cromarty Firth. Working with our green freeport partners is central to achieving this.”
