Ports operator forging ahead.Byline: Karen Mclauchlan
Middlesbrough-based pd Ports today said it was pushing ahead with major projects and had secured new business for the region's ports, as it turned out its half-year figures.
The company, which operates Teesport and Hartlepool port and recently became a takeover target Takeover target
A company that is the object of a takeover attempt, friendly or hostile.
See target company. , said it had seen "steady" progress in the last six months.
Today it recorded pre-tax profits of pounds 6.4m, compared with a pounds 1.7m loss at the same time last year.
Last month the group, which employs 500 on Teesside, confirmed it had received a tentative takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company
two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares .
Today bosses said "discussions are continuing".
It is thought a further announcement could be made in the next few weeks.
The port operator today said it hoped to make progress on the pounds 500m Victoria Harbour regeneration scheme by the end of the year.
Martyn Pellew, PD Port group development director, said: "The Highways Agency has confirmed agreement has been reached in respect of necessary improvements to the trunk road network.
"That means our planning application can now be considered by Hartlepool Council - which we hope will happen by the end of the year."
PD Ports has also signed up new major shipping lines including MSC (1) (MSC.Software Corporation, Santa Ana, CA, www.mscsoftware.com) Founded in 1963 by Richard H. MacNeal and Robert G. Schwendler, MSC is the world's largest provider of mechanical computer aided engineering (MCAE) strategies, simulation software and services. , the second largest container carrier in the world, which has started a weekly service linking Teesport to Antwerp and the Far East.
And Teesport has more than doubled the volume handled from steel giant Corus - to 577,000 tonnes and the group said its plans to develop a deep sea container terminal A container terminal is a facility where cargo containers are transhipped between different transport vehicles, for onward transportation. The transhipment may be between ships and land vehicles, for example trains or trucks, in which case the terminal is described as a at Teesport, which could generate 7,000 jobs, were also "progressing well."
Graham Roberts, group chief executive, said: "The performance of our port operations has been excellent during the first six months."