Forth Ports says plan for docks on course

PORTS and property group Forth Ports said today that it remains "committed" to the regeneration of Edinburgh's Waterfront, despite the current challenging property market conditions.

The firm said that the 30-year masterplan for the area around Leith's docklands will realise long-term value for shareholders, as it forecast that overall trading in the second half of the year would improve on the first half.

In the trading update it also said that piped cargo tonnages at its Scottish ports, which include Leith, Rosyth, Grangemouth, Methil and Burntisland on the Firth of Forth, have hit their highest levels for four years.

And container volumes at Grangemouth are up ten per cent on the first half of 2007.

But the progress of the Edinburgh Waterfront regeneration, which is thought to be the single biggest planning application ever lodged with the city council, is widely expected to be key to the future growth of Forth.

In a statement today, the firm, headed by chief executive Charles Hammond, said: "We continue to make physical and planning progress in the regeneration of Edinburgh's Waterfront.

"Although short-term market conditions in property are difficult, we remain committed to realising long-term value from this unique development asset for our shareholders.

"Work has continued on the outline planning application for Leith Docks which was submitted to the City of Edinburgh Council in September 2007 and we expect that this application will be formally considered by the planning committee in the second half. Work on the Hub outline planning application and masterplan is close to completion."

The company also said the new "European style" Asda supermarket on Western Harbour is expected to be open in time for the Christmas shopping season.

The supermarket giant has pledged to create the new store out of "renewable resources" including a recycled aluminium roof, and has said it will use heat from its on-site bakery to warm storage areas.

Forth also said that plans for a new entrance to Ocean Terminal to complement the new tram stop are "progressing well".

As well as the five ports on the Firth of Forth, the Edinburgh-based company also owns commercial ports at Tilbury on the Thames and Dundee on the Firth of Tay.

In its statement today, the firm said: "Overall, the trading performance in the ports division should show strong growth in the first half of 2008 over the equivalent period in 2007.

"The outlook for the second half of 2008 in ports is, as in prior years, for an improved performance relative to the first half.

"In Scotland, we should see the container volumes being sustained at Grangemouth and improved grain tonnages at Dundee."