THE company that owns Teesport has predicted a bright future after battling financial pressures to report a record year of growth.

Ports business PD Ports, Logistics and Shipping (PDPLS) saw group turnover rise by four per cent, to £162.3m, for the year ending March 31, while profit before tax was up by 16.5 per cent at £14.2m.

Record volumes were achieved at Teesport during the financial year, with 54 million tonnes of throughput - an increase of five per cent - being handled through the port of Tees and Hartlepool.

PDPLS, which has doubled the capacity for handling containers at Teesport with the opening of a £20m second cargo terminal, said a major increase in the handling of steel had been a key factor.

The results were also boosted by the profit from the sale in the past year of Cory Brothers Shipping to Braemar Seascope Group for £1.5m.

Chief executive Graham Roberts said: "These are very positive results which were achieved in an extremely competitive market place and despite increased pension fund contributions and higher insurance premiums.

"They clearly demonstrate the benefits of the growth strategy that we have developed and implemented over the last two years.

"We are growing our overall volumes, broadening our customer base in new markets and actively managing our property portfolio."

PDPLS, which employs 520 of its 1,500-strong workforce at Teesport, said it expected to benefit from the Government's decision not to allow the expansion of port container handling capacity at Dibden Bay, Southampton.