Pretax profits at tourist attraction Titanic Belfast increased more than three fold to £5.39 million (€6.5 million) this year on the back of record revenues.
New accounts filed by Titanic Belfast Ltd with Companies House in the UK show earnings leapt as revenues increased 54 per cent to £22.1 million in the 12 months to the end of March this year.
The profits follow a £1.59 million gain the prior year. The business “experienced rapid growth” in the year under review, the directors wrote in the accounts.
The directors state that the visitor numbers of 813,857 for the year exceeded their own forecast by 26 per cent and were a 41 per cent increase on the prior year.
In a “remarkable year for the organisation marked by the opening of newly reimagined galleries” the directors state that the visitor increase “was the result of steady in-year tour operator growth, strong performance from the US, GB and ROI (Republic of Ireland) markets and an increase in our cruise ship visitors”.
Revenues also increased as the exhibition was closed during the prior year for two months to install a £4.5 million gallery refreshment programme during January and February 2023.
This year’s sales easily top pre-Covid revenues of £17.93 million in the 12 months to the end of March 2019.
The firm also welcomed 304,364 visitors to SS Nomadic, a tender that served the Titanic among other liners and the last surviving vessel from the White Star Shipping Line.
The visitor attraction, which celebrates Belfast as the birthplace of the Titanic centre opened in 2012 after an investment made by Donegal man Pat Doherty.
Operating profits more than doubled from £3 million to £6.6 million and net interest payments of £1.23 million reduced profits to a pretax profit of £5.39 million.
The directors state that “with the recent investment in new galleries and ongoing efforts to engage with inbound tourism markets, we anticipate strong trading throughout 2024″.
Numbers employed fell from 364 to 295 even as staff costs increased from £3.22 million to £4.56 million.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
