The Mersey Docks and Harbour Company has released its preliminary results for the year ended December 31, 2002.

The results show a rise in group turnover of 4.1 per cent to £273 million; pre-tax profit of £53.5m; and continued strong cash flow. The company has also seen new container services secured at both Liverpool and MTL in Dublin.

Chairman Gordon Waddell said: 'The group's performance in 2002 was satisfactory in the face of deteriorating global economic conditions. Given these conditions, few of the group's customers are expecting significant growth in their businesses in 2003. However, the outlook in key market sectors is stable.

'The group's recent programme of investment has created significant capacity for future growth in all key market sectors without the need for further major capital expenditure, and this reducing requirement should ensure improved cash generation in the current year. The group's exposure to North America, which is overweight relative to its sector peers, has proved detrimental in the past two years, but this disadvantage will unwind in due course and the board is confident of progress consistent with any future upturn in the UK and US economies.' In Liverpool, container volumes were affected by difficult conditions in the North American economy and the slowing down of the Irish economy. But an overall increase of 2.1 per cent shows the benefit of two new Mediterranean feeder services to the port over the year. Another new service to Le Havre was secured at the beginning of 2003.

At the Medway ports of Sheerness and Chatham, fresh produce volumes were ahead of last year. While in Dublin, container terminals increased the number of units handled by 19.6 per cent. At Heysham the port continued to perform satisfactorily, although there was a small reduction in volume which was mainly due to the suspension of Sea Containers Belfast fast ferry service following fire damage.

The general economic situation remains uncertain and few of the group's customers are expecting any significant growth in their businesses in 2003. The outlook in key market sectors is stable overall, with anticipated growth in containers and cars balanced by continuing weakness in other trades.