The Isle of Man Steam Packet Company reported higher revenue and traffic in 2024, but lower profits due to rising costs.
- Revenue increased to £87.1 million, up from £77.9 million.
- Profit attributable to shareholders fell to £10.5 million (2023: £11.7 million).
- Group profit declined to £6.8 million (2023: £8 million).
Passenger numbers reached 630,279, the highest level since 2007 (+1.2%).
- Passenger ticket revenue rose 6.8%.
- On-board and ancillary income increased 12%.
- Freight revenue grew 19%, driven by higher import volumes.
The introduction of MANXMAN supported both passenger and freight growth, offering increased capacity and upgraded onboard facilities.
Costs, however, weighed on performance:
- Operating profit fell to £9.7 million (-8%).
- Group operating profit declined to £7.2 million (-9.9%).
- Drivers included higher operating costs, full-year depreciation of MANXMAN, and a £2.2 million impairment on ARROW.
Financial position improved:
- Net debt reduced to £114.7 million (from £126.7 million).
Looking ahead, fleet renewal remains a key issue:
- The fast craft MANANNAN is due for replacement by 31 December 2026 under the Sea Services Agreement.
- The company is seeking an extension to align replacement with environmental and customer requirements.
