Forth Ports cautious over property

Oct 31 2008

But core business remains strong

FORTH Ports says its financial position remains strong despite the market turmoils.

But the port operator said the falling property market will force it to look at further reductions in its portfolio.

It said: "Given that continued deterioration in market conditions will affect the value of our property assets, we are looking at further reductions and deferrals in property related spend.

"Further spend will be focused on building value through achieving planning consents, creating income generating opportunities and fulfilling pre-existing commitments. 

"Our financial position remains strong. Net debt since the half year has remained steady.

"We are making progress with a number of banks on the refinancing of our £100m revolving credit facility which matures in June 2009."