Steam Packet Group makes £8m in profit in 2023, a decline on the previous year

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.