Ferry Operator's Annual Directors' Report published
The Isle of Man Steam Packet Group made a profit of £8million in 2023.
That marks a decline on the previous year, in which it recorded a profit of over £11million.
The accounts for the year have been published within the annual directors' report.
The Group says the decline in profits is largely due to a 12.5% increase in operating costs and a below inflation increase in fares.
Freight revenues grew 2.6% despite a 2.8% contraction in HGV meterage, a reflection - the Steam Packets says - of reduced consumer demand due to the 'general squeeze on household incomes'.
It also settled debt obligations of £5.2m with its parents, The Isle of Man Treasury.
Meanwhile, in reserving for the future replacement of Manannan, the Group invested £16.4m in Three Year Fixed Notes at 4.75 percent per /annum in March 2023.
The Directors' report will go before Tynwald next month.
You can read the full report here.
Manx Care looks forward to working with new minister
Peter Kay tickets were sold via 'open and fair process'
Ministerial roles for Ashford, Christian and Haywood in CoMin reshuffle
Ramsey Commissioner with a 'passion' for helping people dies
