The Port of Milford Haven has brought more than £40m revenue for the first time.

In its 65th year, the port's revenues not only exceeded the £40m mark, but closed the year at an impressive £41.3m.

Although there was a slight dip in shipping numbers (down to 1,909) and cargo (falling to 34.7m tonnes), the marine division stayed active, handling 58.7m gross tons of shipping in some of the world's most difficult sea conditions.

Despite these challenges, the port's cargo handling, property, and hospitality and tourism divisions performed well.

This suggests that the long-term growth and diversification strategies in place were successful, boosting the year's overall financial performance and seeing profits rise to £4.1m.

The Port of Milford Haven is now in a strong financial position as it plans for the future, with strategic growth and investment plans that focus on expanding its world-class pilotage capability, becoming a renewable energy hub, and developing its hospitality offering.

The port's investment in a new pilot boat during the year was a vital step in supporting these plans.

It also ensured continued delivery of top-quality service for Waterway customers and support for the growth of the hydrocarbon and renewables sector.

Chief executive Tom Sawyer said: "2023 has been a stand-out year for us, with record turnover and increased profitability.

"In keeping with our trust port status, we’ll be reinvesting our profits back into the business.

"This will translate into jobs and opportunities for our communities long into the future."

Significant steps were also made during the year in the renewables growth strategy.

New infrastructure was completed, including enlarged slipways, office facilities, and workboat pontoons.

These were part of the £60m Pembroke Dock Marine project, funded through the Swansea Bay City Deal and the European Regional Development Fund.

The port's third strategic focus, the hospitality and tourism sector, also saw a successful return on investment with the creation of the Ty Hotel Milford Waterfront returning on its investment in 2023, further diversifying and investing in the sector.

Despite these supporting pillars, the fishing and ferry related parts of the business are facing decreased performance due to reduced demand.

Reflecting on the future, Mr Sawyer added: "Every day, I see shining examples in our communities of how all this investment could help them realise their full potential.

"I am excited by the boundless opportunities ahead for us all."