Increased annual profits for Ipswich-based Mediterranean Shipping Company (UK)
The MSC Oscar arriving at the Port of Felixstowe. Photo: George Copping/citizenside.com - 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.
Most Read
- 1 Unclaimed £83k winning EuroMillions lottery ticket was bought in Suffolk
- 2 Suffolk glamp site 'perfect for romantic retreats' named among best in UK
- 3 Former town council manager named as woman who died in A11 crash
- 4 Police concerned for welfare of missing Suffolk man last seen two weeks ago
- 5 'I just don't operate that way' - Town owner Steed tells it straight on first visit
- 6 'It's going great' - New pizzeria proving a hit in east Suffolk town
- 7 A14 closed after crash involving lorry and car
- 8 Long-running BBC One show to be filmed in Suffolk church
- 9 'He can trust me to do that' - Leigh on his new challenge at Town
- 10 Person arrested as cannabis factory discovered at Bury St Edmunds home
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.
