Dún Laoghaire Harbour is seeking to expand its marina facilities, writes Dominic Coyle.
The harbour is in talks with the company managing the facility and hopes to announce plans for a 200-berth extension to the 450-berth marina later this year.
The marina was a key driver of profit growth for Dún Laoghaire Harbour Company last year, according to accounts released yesterday. While revenue from ferry operations rose just 2.8 per cent last year, income from other harbour activities, principally the marina and car parking, was 42.5 per cent ahead of 2002.
The result is a triumph for the harbour company. When it was first mooted, the marina proposal was greeted with scepticism in many quarters.
"There were a lot of sceptics at the outset," said Dún Laoghaire Harbour chief executive Mr Michael Hanahoe, "but its timing was right. With the way the economy has developed, there is more demand for marine leisure activities and the marina has played a big part in growth of Dún Laoghaire in that area."
Overall, profits doubled at Dún Laoghaire Harbour Company last year to almost €5 million, thanks largely to a Supreme Court ruling that the company did not have to pay rates for the years before 2003. The judgment saw the company record an exceptional gain of €2.3 million last year.
Mr Hanahoe said underlying profit growth was around 20 per cent on a 10 per cent rise in income to €10.4 million.
"Profit growth is increasingly coming from outside ferry business," said Mr Hanahoe. "It will always be the mainstay of our business but, because of increased competition from other ports and low-cost airlines, we don't see dramatic growth in that area in the foreseeable future."
He sees revenue from non-ferry activities doubling by 2011.
The harbour has signed a deal keeping Stena Line at the port until then and is also getting ongoing income from the development of Harbour Yard.
However, the harbour is facing bills of around €13 million in the next four or five years to repair the underside of both piers and resurface the east pier. It hopes that plans for the redevelopment of the Carlisle Pier will be submitted by the end of this year.
