Steamship Company Profits ‘More Than Double’ In 2010

The Steamship Company has more than doubled its profits and their turnover has increased by 15% in the last year.

Around 40 shareholders attended their AGM at the Church Hall, which the chairman Andrew May called ‘cordial’ and ‘constructive’ and they heard that the company’s income up to March 2010 was just under £11.2m, up from £9.8m the previous year.

Year-on-year profit after tax has risen from £383,000 to £889,000.

Andrew May told us that the figures were pretty good and their recent acquisition of Nike Engineering and the Penzance Dry Dock will play a part in their growth.

The company is building reserves for the future so it can replace their assets at the appropriate time. Andrew says as their cash reserves are increasing, so does the company’s options.

Independent shipping experts have been sourced to look at the best boat options for the route but these consultants haven’t made recommendations yet.

Andrew says they are talking with the separate groups driving redevelopment of both Penzance Harbour and St Mary’s Quay and they are looking forward to “much improved facilities.”

He felt it had been a slow start to the year but passenger numbers have recovered, with August on a par with 2010, although he added it’s too early to call on the year.

The level of fare increase, if at all, will be outlined at the end-of-season meeting for the accommodation sector on board the Scillonian III.


One Response to Steamship Company Profits ‘More Than Double’ In 2010

  1. George Kershaw September 22, 2011 at 9:12 am

    Having just commented on the previous post about the decrease in passenger numbers I now see this article and I do hope that maybe profit margins can be squeezed a little to benefit of the local economy.
    Cheaper flights to the islands are necessary at this time of increasing costs across the board.
    You wouldn’t expect many businesses to have doubled their profits in the present financial climate.
    The future of the islands economy lies at the mercy of the Steamship Company and to certain extent BIH…
    I hope the Steamship Company do all they can to ensure good value in all the businesses they operate.
    Things such as Travel Club are fantastic but our visitors require a better deal on transport to the islands.