The Scottish ports operator, which was privatised in 1992, has posted record profits and ambitious expansion plans. Turnover in the year to 31 December 1998 increased by 27% to £26.3m and pre-tax profits were lifted by an impressive 40% to a record £11.02m. Chief executive Tom Allison said that the group wanted to build a new ro-ro ferry port in Glasgow to cater for the growing trade with Ireland. He also revealed that the group was in talks with a leading financial institution over funding for a £250m waterfront leisure and entertainment development. Profits were boosted by demand for low-sulphur coal imported from South Africa and South America. Allison said that after a nine-month review, he had decided to step up the vertical integration process, branching out into shipping operations and road haulage. In the medium term, investment will be concentrated in the ports business, with £15.7m held in cash at the year end. The total dividend for the year is 6.5p, up from last year's 5.525p, payable from 20.15p of earnings.