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Steam Packet loses over £3 million

A marked improvement on pandemic-era losses

The Steam Packet Company has posted a loss of £3.2 million. 

The figure, from the end of 2021, was a marked improvement on the £10.5 million deficit recorded in 2020.

The latest directors' report says the cancellation of the 2021 TT and Festival of Motorcycling and Covid travel restrictions had a very significant effect on the company's passenger revenues and cashflows during the year. 

It also highlights 'uneconomic sailings' which were operated at government's request to maintain the Island's vital daily lifeline service.

On the 12 May 2021 the group issued shares to its parent company, the Isle of Man Treasury, raising £5m of new capital to support group liquidity. 

Post year-end the group agreed two loan facilities with Treasury to re-finance the existing shareholder loan of £76 million and to provide finance for the new Manxman vessel. 

The Steam Packet Board expressed the hope that the worst of the pandemic has passed and that revenues will continue to improve. 

The additional capital and recent financing has, it says, placed the group in an excellent position to recover from two years of difficult trading.

For the second year running no dividend was declared.

The full report will go to Tynwald in April - you can read it here.

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