More on Associated British Ports
Associated British Ports: AGM Update
Associated British ports said the company had made a satisfactory start to 2005.
The company has made investments of £17m since February this year including a £15m investment within SSE Energy Supply, in additional coal-handing equipment and a £1.7m investment in an agribulk facility.
Construction of the £27.5m roll-on/roll-off facility and the £44.5m coal import facility at the Port of Immingham are on schedule, on budget and should become operational next year.
Associated British Ports is on track to achieve its target of disposing £250m of non-core property and land sales. Sales in 2005 have totalled £8.3m and the
total amount sold since 1 January 2000 stands at £212.8m.
The stock trades at 467.5p on a prospective PE of 14.9x (2005 earnings). The yield is 3.5%.
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