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Steam Packet loses £10.5m in 2020

Cancellation of TT and Covid restrictions blamed for deficit

The government-owned ferry operator lost more than £10.5million last year.

The Steam Packet Company's accounts have been published ahead of this month's Tynwald sitting.

The figures show the firm lost £10,561,803 in 2020, compared to a profit of just under £10million the year before.

The report says the cancellation of the TT, as well as ongoing Covid restrictions have had a 'very significant effect' on its income.

Passenger revenues were down £25million, but a reduced sailing schedule saved the company around £10.8million in operating costs.

Revenue from freight was just £0.9m lower than normal - which is around 4%, compared to a loss of 90-95% of passenger traffic.

Total revenue for the year was £28.4million, down from £61.3million in 2019.

Non-essential capital expenditure was suspended to protect capital reserves.

A statement in the document says the Treasury, which is the sole shareholder of the operator, will provide support.

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