A PORT authority is launching a new strategy for the next 30 years after announcing a rise in turnover by more than a fifth and pre-tax profits rising to £2.1m.

The Port of Tyne, based in South Shields, says its turnover increased by 22 per cent to £57.5m in 2018.

Chief executive Matt Beeton said: “2018 proved to be a financially successful year allowing us to invest £8.7m in facilities to support our growth and looking forward, in January 2019 the port secured a £60m refinancing package from Lloyds Bank Commercial Banking, ensuring we can continue to capitalise on our sustainable growth strategy going forward in to 2019 and beyond.

“Thinking long-term and preparing for the future will set us on the path of meeting our vision of growing the business, creating a sustainable port that continues to add over £621m to the economy.”

The company's EBITDA rose by 54 per cent to £11.7m.

Mr Beeton has announced plans to launch Tyne 2050, which is aligned with the government's Maritime 2050 strategy.

Based around the themes of technology, business development, infrastructure planning, safety and environmental management, people, security and resilience and community, it is aimed at long-term thinking.

Lucy Armstrong, Port of Tyne chair, said: “It’s a real team effort and everyone at the port is working hard to meet the challenges ahead and propel the port forward to 2050 and beyond."