PORT services and shipping company James Fisher and Sons which has a south coast operation in Newhaven has posted pre-tax profits of £3.85 million.

The figure is down on last year's £8.78 million but includes written-off investments and port closure costs.

The company ceased its cargo activities at Newhaven at the end of 1998 and says it is currently continuing to explore the possibility of an alternative use at the Sussex port.

Accodding to executive chairman David Cobb the firm's continued presence in Newhaven hangs in the balance and is largely outside its control.

He said: "We still have half a dozen staff in Newhaven and all the plant and equipment is maintained, in working order and ready to go.

"But we must have deeper water to accommodate larger vessels before we can enter into any contract to resume operations. We are talking all the time with the local councils and port owners Sea Containers on how the port can be revived."

During the year the company, which is based in Cumbria, pulled out of its lease on Lancashire port Heysham.

The firm is continuing its policy of getting out of port services and becoming purely a shipping company. The dormant Newhaven service is now the last of its port operations.

The total cost of port closures amounted to £2.8 million.

Though pre-tax profits fell Fisher's operating profit showed a healthy 22 per cent rise to £8.83 million.

Dividend per share is increased by 17 per cent to 3.75p.

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