Peel Ports Group, the company which runs Sheerness Docks, has revealed revenues grew by nearly a quarter last year – although it made a loss overall.

The firm, whose other activities include running the Port of Liverpool, saw turnover grow to £623.7m, up £121.8m on the year before, when it made £501.9m.

However the business – which unveiled a 20-year masterplan for Sheerness last year – made a loss of £6.3m after tax, compared with a profit of £17.6m the year before.

The loss came after it closed its final salary pension scheme, giving it an exceptional loss of £10.1m. It also incurred £2.2m of pension-related restructuring costs.

The company also made larger dividend payments on ordinary shares of £35.2m, up from £23m the year before.

Chief financial officer Graeme Chornock said its ports and shipping business “continued to deliver revenue and profits growth”.

Peel Ports, whose parent company Peel Group is behind £650m redevelopment of Chatham Docks, also said its operating profit was £106.4m, up £6.9m on 2013.

Earnings before interest, tax, depreciation or amortisation were up to £178m, a rise of 12.3%, according to their accounts for the year up to March 31, 2014.

The company, which completed the construction of an inspection centre for Volkswagen last year, unveiled proposals to transform Sheerness Docks in November.

The 20-year masterplan aims to build a mixed-use development on land off Garrison Point and build a rail link between Sheerness and Liverpool.

The firm is making a £300m investment in the Merseyside port, dredging the River Mersey by 16 metres to allow for larger container ships.