Profits up 8-fold for Stena

Stena Line has posted its highest profits in nine years. The company reports profit of £8.5 million in 2004, up from £1 million the previous year. Stena claims that success on its five Irish Sea routes has buoyed profits, together with cost reduction and improvements in quality and service. The previously under-performing Irish routes were boosted by a new Fleetwood- Larne freight route and the introduction of the Stena Adventurer RoPax ferry on the Holyhead-Dublin route in 2003. Chief executive, Gunnar Blomdahl, said: “We have invested around £340 million in our vessels and route network in recent years. Our business investments are continuing and we are also investing in developing our customer service.” The next target for investment is Stena’s Scandinavian and North Sea routes. The company plans to spend £18 million refitting the Stena Baltica, which operates in Scandinavia, and will introduce two newly built RoPax ships on the Hoek van Holland-Killingholme route next year. Report by Ginny McGrath