Tim Waggott, Port of Dover chief executive, said: “August is historically a quieter month for freight, whereas June and July have notoriously higher freight peaks. “However, the Port is having busier days and has carried more freight in the last two months than it did in the equivalent months of 2014. And all of that with fewer vessels on the route.

“In the last 12 months we have carried more freight than the annual total in 2014.” Since the end of the last period of summer industrial action, the Port has handled up to 9,300 freight units in a single day, the equivalent last year was 9,200; with last year having 13 vessels operating, compared to 11 on the current Dover route.

“This phenomenal growth on Dover’s short-sea market is yet another reminder of the fundamental importance of Dover as a major gateway into the UK for both freight and passengers, supporting the UK economy,” Waggott added.

Freight volumes at thePort grew 4.2 per cent in September (with 9,000 more freight units carried  during the month) when compared with the same month in 2014 despite the August Bank Holiday suppressing freight volumes and weather conditions mid-month. On a rolling 12 month basis, freight has grown by 6.4 per cent with a unit variance of 150,000 – the equivalent of 2,700km or 305 times the height of Mount Everest.

“Over the last 20 years, the number of freight vehicles travelling from the UK to mainland Europe has increased by 83 per cent; this growth is expected to continue with predictions for the average daily demand increasing to between 14,000 and 16,000 per day in the next decade,” said Waggott.

“That’s why the Lower Thames Crossing is crucial in keeping Britain connected with the Port. If freight through the Port is increasing, the road network needs the resilience to cope with demand.”

“Our third quarter was a combination of continued tough market conditions affecting our order intake and sales, as well as successful execution of cost savings actions. Business Area Service continued to improve its operating profit in a year-on-year comparison, although the rate of the improvement came in lower than in the first half of 2015 due to the lower-than-expected sales in the quarter. Sustained robust order intake and contract base suggest that this was mostly a timing issue,” said acting CEO Teo Ottola. “Hence, we look forward to a strong fourth quarter in Service. Operating profit in Business Area Equipment, which came in slightly below the previous year, reflected the low level of deliveries during the quarter. In fact, sales declined by 6 percent year-on-year at comparable currencies, which resulted in under absorption of fixed costs in manufacturing and other operations. Demand continued weak in emerging markets and sales in North America did not meet our expectations. Additionally, there have been some delays in customers’ decision-making on new investments and execution of on-going projects. Taking these challenges into account, the third-quarter result demonstrated that our cost savings are producing results and that we are on track to reach EUR 30 million cost savings by the end of the first quarter of 2016.

As indicated in the financial guidance issued in September, the market situation remains uncertain. Those operating in emerging markets or commodities are feeling the effect of the changes in trading conditions. The impact concerning developed markets is still unclear. Against this backdrop, we continue to streamline our cost base. In addition to the previously announced EUR 30 million cost savings program, we continuously adapt our cost structure to the current demand.

The merger process with Terex, including antitrust filings, is proceeding according to plan.”

Third quarter highlights
– Order intake EUR 443.8 million (427.4), +3.8 percent; Service +12.7 percent and Equipment -1.9 percent.
– Order book EUR 1,075.3 million (1,026.2) at end-September, 4.8 percent higher than a year ago.
– Sales EUR 506.7 million (494.4), +2.5 percent; Service +7.3 percent and Equipment -1.7 percent.
– Operating profit excluding non-recurring items* EUR 33.3 million (34.8), 6.6 percent of sales (7.0).
– Non-recurring items* EUR 29.1 million (0.3).
– Operating profit EUR 4.1 million (34.5), 0.8 percent of sales (7.0).
– Earnings per share (diluted) EUR 0.02 (0.43).
– Net cash flow from operating activities EUR 47.1 million (64.8).
– Net debt EUR 228.5 million (200.4) and gearing 53.1 percent (46.4).

January-September highlights
– Order intake EUR 1,452.9 million (1,390.2), +4.5 percent; Service +10.7 percent and Equipment +0.4 percent.
– Sales EUR 1,517.2 million (1,403.2), +8.1 percent; Service +12.6 percent and Equipment +4.1 percent.
– Operating profit excluding non-recurring items* EUR 73.2 million (72.0), 4.8 percent of sales (5.1).
– Non-recurring items* EUR 40.9 million (1.6).
– Operating profit EUR 32.2 million (70.4), 2.1 percent of sales (5.0).
– Earnings per share (diluted) EUR 0.31 (0.77).
– Net cash flow from operating activities EUR -1.6 million (82.0).

*Non-recurring items include restructuring costs, transaction costs relating to the Terex merger, and the unwarranted payments due to identity theft and fraudulent actions (not deducted by crime insurance indemnity). The non-recurring items in 2014 included restructuring costs only.