The Isle of Man Steam Packet Group recorded a pre-tax profit of £6.86m for 2024, a decrease from £8m in the previous year, despite carrying the highest number of passengers since 2007.
Total passenger numbers reached 630,279, a 1.2 per cent improvement on the prior year, contributing to a 6.8 per cent increase in passenger ticket revenues.
Operating profit fell 9.9 per cent to £7.2m, which the company said was “largely due to a 15 per cent increase in other operating costs and a 35 per cent increase in depreciation and amortisation following a full 12 months Manxman charge and £2.2m impairment of Arrow”.
The company introduced a “strategic reset” to its fares in October, including a 10 per cent reduction in ‘Flexi’ fares and free travel for children.
Pension
The group’s defined benefit pension scheme was 105 per cent funded at its most recent triennial valuation, an 11 per cent improvement from 2021.
Net debt reduced from £126.7m to £114.7m, with the company making debt repayments of £5.2m to the Treasury.
The company spent £14.5m with Isle of Man-based suppliers during the year, up from £12.1 million in 2023.