Steamship Company’s Profits Up 178% Last Year
The Company’s annual report shows profit was up from £0.49m to £1.36m, an increase of 178%, and turnover rose from £13.76m to £16.31m.
Company Chairman Andrew May says that was down to an increase of just under 14,000 passengers, 7.2% up on the previous year.
The Company has also been investing heavily in infrastructure and putting money away for the future.
They spent £3.4m during the year, mostly on upgrades to the runways at Land’s End airport and retained £1.2m in cash for future use.
The Company will need to replace the ageing Scillonian III ferry and Gry Maritha freight ship in the coming years.
They say the quay improvements in St Mary’s as well as dredging in Penzance will help in that process.