By Guy Taylor
The Whittaker family raked in a £22m dividend payout from their network of ports in the UK last year as shipping rates soared.
Peel Ports, Britain’s second largest port operator, gave its investors £88.9m in dividends in 2022, up from £38.9m the year prior.
Companies house filings show earnings before interest, depreciation and amortization (EBITDA) increased from £299.7m to £330.9m in the twelve months to March, despite industrial action at the Port of Liverpool and global disruption created by the War in Ukraine.
Turnover also improved, particularly in the group’s shipping segment, which saw revenues increase by 48.2 per cent as a result of higher charter and bunker rates. Group operating profit increased by nearly a fifth to £228.1m.
Peel Port’s operations cover London, Liverpool and Glasgow. It’s largest shareholder is Peel Group, a northern property business owned by the family of its chairman, the billionaire investor John Whittaker.
Whittaker built Peel Holdings in the 1970s and 80s by buying up a string of companies. Most notably, he fought a bitter battle to acquire the Manchester Ship Canal Company, out of which the Trafford Centre emerged.
The Whittaker family holds a 68 per cent stakein the Peel Group, which owns 37.6 per cent of Peel Ports.
A spokesperson for Peel Ports said: “The growth in EBITDA reflects another strong year against the backdrop of challenging economic conditions. This continues our record year-on-year growth, in which we consistently outperform the market.
“As a major port operator focused on long-term sustainable growth, every year we re-invest a significant proportion of our earnings back into the business to enhance our operational capability and future business potential.
“This investment supports the regional economies in which we operate whilst opening new trade opportunities for UK businesses, creating quality employment opportunities and driving forward our carbon neutral agenda.”
