Associated British Port's has announced a satisfactory start to the year. Bo Lerenius, group chief executive of Associated British Ports Holdings said: 'Since we announced the 2002 annual results in February, and against the background of an uncertain market, the group has continued to add further new revenue-related investments in our core ports and transport business totalling just over £8 million.

'We continue to believe that the new long-term contracts which we have secured in our UK ports business over the past three years, together with the group's strong cash flow and diverse spread of geographical and cargo risk, will lead to the group making further progress during 2003.'