The firm that operates one of the island's most popular tourist attractions, Titanic Belfast, this year returned to pre-tax profit to record pre-tax profits of £1.59m (€1.82m) as visitor numbers exceeded expectations.
New accounts show that Titanic Belfast Ltd returned to pre-tax profit as revenues more than doubled from £6.38m to £14.36m for the 12 months to the end of March this year.The directors state that final year visitor figures for the period under review totalled 579,578 which was higher than the forecasted 500,000.
The revenues for this year were short of the £17.11m recorded in the 12 months to the end of March 2020 and £17.9m enjoyed in the 12 months to the end of March 2019. After Covid interrupted years, the directors' report states that"the business has continued to recover and the directors are optimistic about the trading outlook".
Numbers employed last year increased by 195 from 169 to 364 as staff costs almost doubled rising from £1.71m to £3.22m. The firm last year recorded an operating profit of £3m. Net interest payments of £1.41m reduced profits to a pre-tax profit of £1.59m.The profit for this year takes account of non-cash depreciation costs of £232,879 while the business benefited from other operating income of £347,131 - made up of £171,529 in management charges receivable and £185,602 in other operating income.
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