June 26, 2009 / 8:29 AM / 10 years ago

UPDATE 1-Forth Ports sees satisfactory 2009 result

* Sees H1 results in line with last year

* Says poised to cut debt by year end

* Shares rise more than 2 pct (Adds details)

June 26 (Reuters) - Ports-to-property group Forth Ports Plc FPT.L expects its full-year outcome to be satisfactory and said that business was “generally holding up well.”

The company also expects first-half results to be in line with last year, with the exception of Nordic, its materials recycling business, and Tilbury Container Services Ltd, which have been more severely affected by the economic downturn.

The Edinburgh-based company said cash generation from operations in its ports division remained good, with tight controls on expenditure, and the company was on target to cut group debt by the end of the year. Forth Ports, whose ports include five in the Firth of Forth, said its ports division concluded several new contracts and the division’s first-half financial performance was expected to improve over the year earlier.

The company said cash generation in its property division was in line with expectations and cashflow cover remained good.

Forth Ports said it had begun talks with a shortlist of energy companies to build and operate its facility at Tilbury, after it got planning approval to erect four wind turbines to generate part of the port’s electricity requirements. At 0817 GMT, Forth Ports shares were up about 2 percent at 964.50 pence on the London Stock Exchange. (Reporting by Austin Lobo in Bangalore; Editing by Aradhana Aravindan)

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