Associated British Ports has announced a seven per cent increase in group turnover to £401.9 million from continuing operations for the full year ended December 31, 2002. Other highlights from the report are underlying pre-tax profit of £138.1m up six per cent on the previous year and a 19 per cent increase in cash inflow to £201.5m.

Fresh produce continues to play an important role in the group's broad cargo portfolio where no one sector accounts for more than 10 per cent of its UK ports turnover. The deal struck with Agrexco at Immingham was one of the highlights of 2002 in the form of a ship-to-shelf logistics package in co-operation with BGL Logistics and Hedges Chilled Distribution.

Group chief executive Bo Lerenius said he is pleased with the results. 'The full year performance is particularly pleasing given the uncertain economic climate and continues to demonstrate the advantage of pursuing a strategy of developing new business with long-term contracts and quality customers,' he said. 'The group's strong cash flow and diverse spread of geographical and cargo risk leads it to remain confident of making further progress in 2003.'