The firm that operates one of the island's most popular tourist attractions, Titanic Belfast, this year returned to pre-tax profit to record pre-tax profits of £1.59m (€1.82m) as visitor numbers exceeded expectations.
New accounts show that Titanic Belfast Ltd returned to pre-tax profit as revenues more than doubled from £6.38m to £14.36m (€16.48m) for the 12 months to the end of March this year.
The pre-tax profit of £1.59m for this year followed a pre-tax loss of £559,153 for the prior year.
The directors state that final year visitor figures for the period under review totalled 579,578 which was higher than the forecasted 500,000.
The directors state that the performance was ahead of expectations "as the result of steady in year tour operator re-growth, strong performances from the US, Great Britain and Republic of Ireland markets and a 10% increase in our cruise ship visitors from the previous year."
The directors state that 2022/23 was the first full post pandemic trading year and they are satisfied with the results for the year.
The revenues for this year were short of the £17.11m recorded in the 12 months to the end of March 2020 and £17.9m enjoyed in the 12 months to the end of March 2019.
However, revenues were hit in the current year with a planned closure of the main exhibition at Titanic Belfast in January and February to install a £4.5m gallery refreshment programme.
The attraction re-opened on March 4 with 50% more visitors attending that month than forecast due to pent-up demand.
After Covid interrupted years, the directors' report states that "the business has continued to recover and the directors are optimistic about the trading outlook".
The directors state that the business recorded positive Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of £1.59m which represents an improvement of £2.14m on the prior year.
They also state that "the restructure of our business post Covid has put the company in a strong position to act as an enabler for sustained re-growth of international tourism not just for Northern Ireland but for the island of Ireland".
Numbers employed last year increased by 195 from 169 to 364 as staff costs almost doubled rising from £1.71m to £3.22m.
The visitor attraction celebrates Belfast as the birth-place of the ill-fated Titanic and the centre opened in March 2012 after an investment made by Donegal man Pat Doherty.
The directors state that since Titanic Belfast opened in 2012, it has welcomed 7.06 million visitors.
The firm last year recorded an operating profit of £3m. Net interest payments of £1.41m reduced profits to a pre-tax profit of £1.59m.
The company recorded a post tax profit of £1.32m after paying corporation tax of £264,650.
The profit for this year takes account of non-cash depreciation costs of £232,879 while the business benefited from other operating income of £347,131 - made up of £171,529 in management charges receivable and £185,602 in other operating income.
On the firm's future developments, the directors state that Titanic Belfast "is in a strong position for future trading, with the continued re-growth of the international markets and notable pent up demand for Northern Ireland as a visitor attraction".
They state that "since undergoing an extensive restructure in 2021, the company is operating efficiently and has a focus on future strategic direction to ensure that it is able to continue to compete within the global attractions marketplace".
The directors also state that "given the investment in the new galleries and continued work with inbound tourism markets it is expected that trading will improve as we progress through 2023, thereby increasing the footfall through the exhibition and revenues from ticketing, catering and retail".
The accounts show that at the end of March this year, the firm had shareholder funds of £1.85m. Cash funds last year more than doubled from £1.8m to £3.89m.
Reporting by Gordon Deegan
