Port's growth exceeds previous economic performance

Captain Tom Hitchison (centre) is pictured with Neil MacCallum (left), of Beaver Economics, and Kenny Gammie. (Stuart Nicol Photography)Captain Tom Hitchison (centre) is pictured with Neil MacCallum (left), of Beaver Economics, and Kenny Gammie. (Stuart Nicol Photography)
Captain Tom Hitchison (centre) is pictured with Neil MacCallum (left), of Beaver Economics, and Kenny Gammie. (Stuart Nicol Photography)
Montrose Port Authority has announced an exceptional increase in growth this past year, exceeding previous financial milestones.

The port’s performance in the 2022/23 financial year has seen a significant turnover increase, with a 10% rise in vessel numbers and 31% upturn in gross tonnage. A 34% boost in revenue compared to the previous year signifies the highest revenue outcome it has ever achieved.

Noteworthy is the emerging offshore wind sector, which contributed 22% of total vessel revenue for the year. The port, which is ideally located to serve this sector’s needs on the east coast, has witnessed a burgeoning offshore wind industry within its neighbouring waters in recent years.

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Alongside this positive momentum, the port unveiled its new economic impact study at an event at the Montrose Playhouse Cinema & Arts Venue, revealing its significant contribution to Montrose and Angus as a whole. It directly and indirectly sustains 384 permanent, full-time employees, generating £13.6m in annual salaries and £25.7m net GVA to the regional economy.

The port also reinvests all its profits back into its infrastructure and local community in accordance with its trust port status. Over the past year, it invested £800,000 into its new purpose-built pilot boat, a first in its 200-year history, and over £350,000 into its new decommissioning base.

A six-figure sum has also been invested in an advanced composites facility on-site, developed by Balmoral Comtec, geared towards the production of large-scale components for the offshore energy sector.

In addition the port authority contributed over £92,000 in donations and sponsorships to local causes and charities through its community fund.

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Captain Tom Hutchison, chief executive, said: “Our exceptional growth and achievements over the past year are a testament to our dedication and strategic vision. We have not only surpassed our forecasts but also solidified our position as a key player in the offshore wind sector and been able to create valuable job opportunities for our region.”

He added: “We're not just expanding as a port; we're expanding as a source of livelihood for our community. Our commitment to investing in both our infrastructure and community remains unwavering, ensuring that Montrose continues to thrive as a hub of economic activity, growth and innovation.”

Councillor Beth Whiteside, Leader of Angus Council, said: “The remarkable growth that Montrose Port Authority has seen over the past year highlights the port’s positive and proactive impact on our local economy, both in the Montrose and the broader Angus area.

“Its impressive economic contribution further showcases Montrose’s pivotal role as a catalyst for prosperity and innovation. In congratulating the Montrose Port team on these accomplishments, we look forward to the continued benefit they bring to our region and to providing our support for the work that they do.”

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