£450,000 MDC loss in line with expectations

Regeneration company not expecting revenue until 2024-25

The Manx Development Corporation says its loss of almost £450,000 for the 2022-23 financial year is in line with expectations.

The government-owned entity's accounts have been published ahead of January's sitting of Tynwald.

It recorded a £448,274 loss, with more than half of the figure going towards wages and salaries.

Chairman Sean Gilbert said the loss is to be expected for a company that hasn't completed any developments yet, and that its first revenue is expected in the 2024-25 period.

He adds that it remains the MDC's objective to become profitable and create a dividend stream for its shareholder, the Treasury.

Government set up the body in a bid to regenerate urban and brownfield sites in 2023.