Isle of Man Meats government subsidy rose steeply for the 2024 financial year as its year on year losses doubled.
The annual report and financial statements for the year ended March 31, 2024 have been released and are due to go to Tynwald in November.
The meat plant received £4.1million in government subvention last year of which it used £4,036,031, an increase from 2023’s figure of £2.6m subvention when it used £2,592,636.
The gross loss for 2023 was £1,314,530, however for 2024 this jumped to £2,602,228.
Administrative expenses have increased by nearly £200,00 for 2024, increasing from £1,266,806 in 2023 to £1,422,725 in 2024.
The full report can be found here.
