Annual Report presented to business community
From Port of Jersey,
13 July 2017
The Board of Directors from Ports of Jersey have recently been meeting with politicians, associated partners and the wider business community to present the findings from their first Annual Report since the company was Incorporated in 2015 – covering the 15-month period from 01 October 2015 to 31 December 2016.
During the presentations, Chairman of the Board, Charles Clarke emphasised the company's aim of becoming financially self-sustainable in order to fund the considerable capital investment in the Island's gateways over the long term. While its ultimate success can only be measured over the long term, Ports of Jersey has made very good progress in its first period of operating as a limited company.
In his presentation, Group CEO, Doug Bannister, who has led the organisation since 2011 and steered the delivery of Incorporation in 2015 outlined the company's mission and objectives. That is to enhance Jersey as a great place to live, visit and do business. A key role of Ports of Jersey lies in keeping the Island connected, and with currently over 50 destinations covered by five major carriers this demonstrates the strength of its Route Development programme.
In order to be successful in delivering the aim of Incorporation, Ports of Jersey must grow and diversify the business in order to generate sufficient commercial revenues to fund the long term capital programme. In this first period of Incorporation, Ports of Jersey has made a very positive start, generating new business that did not exist prior to the drive for Incorporation to the value of almost £800k, which included growing its fuel and marine services businesses, delivering the Tourist Information Centre on behalf of Visit Jersey and bringing the Jersey Ship's Registry back into Ports of Jersey administration.
Chief Financial Officer, Andrew Boustouler, outlined the breadth of activities undertaken by Ports of Jersey to generate its £54 million revenue during the 15-month period. In this time, the company generated an operating profit of £13m, while investing £10m in resilience and infrastructure.
The reason for presenting the Annual Report to this forum is straightforward, according to Mr Bannister. He explains, "Over the years we have strived to be open and transparent both with our customers and the business community. We are extremely proud of what we have achieved since our Incorporation and by engaging in such a manner it allows us to present our findings directly to them, while being able to answer any general questions about our activities."
POJ Annual Report 16.pdf