Increased annual profits for Ipswich-based Mediterranean Shipping Company (UK)
- Credit: citizenside.com
The Ipswich-based Mediterranean Shipping Company (UK) has reported increased revenue and profits for 2015.
Amended full accounts filed at Companies House show that the company (MSC) generated turnover of £164.796m in the year to December 31, up from £159.449m in 2014.
Operating profit came in at £2.232m, against £2.150m a year earlier, and profit on ordindary activities before tax grew to £2.085m, from £1.988m the previous year.
“Import volumes in 2015 increased by 3% whilst freight revenue dropped by 8%, reflecting a modest decline in rates caused by lowering fuel prices and the continued imbaloance between supply and demand,” MSC said in the report.
“Export volume growth was higher by 6% although freight revenue dropped by 5%, with rates to the Far East continually under pressure.
“The UK and USA economies continued to improve but the UK’s improved at a slower rate than forecast,” it added. “Growth in the Far East slowed compard to 2014 but continued to outpace the West.”
The introduction of larger ships had brought more efficiencies to longer routes and, although in the short term this had added to the imbalance between supply and demand, this should ease as economies continued to grow, it added.
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The UK company, a member of the EADT/EDP Top 100 list of the 100 largest companies in Suffolk and Norfolk, is part of the MSC Mediterranean Shipping Company, based in Switzerland.