Steamship Company’s Profits Up 178% Last Year

scillonian summer 2014The Steamship Company’s operating profit increased almost threefold in the year ending on 31st March 2015.

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.

5 Responses to Steamship Company’s Profits Up 178% Last Year

  1. Wane Kerr December 24, 2015 at 5:35 pm

    As a monopoly provider, is it any wonder that they make such large profits at the expense of their customers and islanders. Lets just hope that they plough this profit back into the company and invest in a decent all year round boat service.

  2. Adam Morton, St.Martins December 24, 2015 at 8:28 am

    All down to an increase of 14000 passengers? £181 a ticket in that case? Also this is year ending march 2015 so in all probability represents the 2013 actual season as the inland revenue’s year ends 5th of April so in fact the first full year with no competition? It sounds like good news with 14000 extra passengers but probably only represents the portion taken on from BIH.
    I think most people are still intrigued as to how even this level of profitability is going to fund £30m worth of ships. If the quay improvements are to be any use then they must be looking at bigger ships. The bigger ship proposed in the Rout scheme was £20m!
    14 days no flying in August shows the importance of the sea rout to the economy.

  3. Roger Fuller December 23, 2015 at 5:38 pm

    Expect they’ll pass it on to their loyal customers

  4. Pete December 23, 2015 at 3:56 pm

    Shareholders will have a nice Christmas. But poor Joe in the streets will still pay through the nose.

  5. Roger Ewe December 23, 2015 at 2:39 pm

    Wonderful news! So good in fact that they have decided to increase passenger fares yet again, of course the last time they increased the fares was because of rising fuel costs, however, as fuel has now reduced dramatically over the last 12 months there is no reason to increase the fares.

    We are grateful for the Travel Club, but now we are paying nearly £40 for the boat return rather than the £20 3 years ago.

    Happy Christmas from the Steamship Co – I think not!