Some £49.8 million of the £130m share repurchase programme announced following the British Government's rejection of ABP's Dibden Terminal proposal for Southampton has been completed.

Ro-ro trade, deepsea container traffic at Southampton, vehicle imports and exports, coal imports, forest products and cruise ship volumes have all increased during the first half of 2004.

The Government's decision on Dibden Terminal will have no significant short-term impact on the group's underlying UK ports business. The group continues to plan major growth projects at its ports on the Humber Estuary.

The Department for Transport is currently considering the necessary planning consents for the development of a shortsea container riverside terminal at the Port of Hull and a ro-ro riverside terminal at the Port of Immingham.

Decisions are expected later this year. The group has already reached agreement with DFDS Tor Line for development of the £27.5m ro-ro facility, which will be built when Government consent is obtained.

Having already obtained approval to develop a further riverside terminal for coal imports at the Port of Immingham, the group believes that strong demand for imported coal during the first half of 2004 strengthens the business case for the development of the new facility.

MJ Information No: 19630