Pre-tax profits at one of the island's most popular tourist attractions, Titanic Belfast this year increased more than three fold to €6.5m on the back of record revenues.
New accounts filed by Titanic Belfast Ltd with Companies House in the UK show that the business recording the surge in profits as revenues increased by 54% from £14.36m to £22.1m in the 12 months to the end of March this year.
The pre-tax profits of £5.39m for this year follow pre-tax profits of £1.59m for the prior year - an increase of 239% with the directors stating that the business "experienced rapid growth" in the year under review.
The directors state that the visitor numbers of 813,857 for the year exceeded their own forecasts of 672,638 by 26% and were a 41% increase on the prior year visitor total of 579,578.
In a "remarkable year for the organisation marked by the opening of newly re-imagined 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 in order to install a £4.5m gallery refreshment programme during January and February 2023.
The revenues for this year easily top pre-Covid revenues of £17.93m in the 12 months to the end of March 2019.
The firm also welcomed 304,364 visitors to SS Nomadic, the last remaining White Star Line Shipping.
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.
Operating profits more than doubled from £3m to £6.6m and net interest payments of £1.23m reduced profits to a pre-tax profit of £5.39m.
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".
They add that "it is expected that visitor numbers to the exhibition and revenues from ticket sales, catering and retail operations will be sustained although the cost of doing business will increase".
They state that booking trends show a post pandemic shift to shorter lead in purchasing with 61% of visitors purchasing tickets on the day of their visit.
They add that "there has also been greater demand from the close to home markets which performed particularly well at 82%".
They state that "this change to market mix and visitor transactions has led to a comprehensive review of routes to market and growth opportunities over the next five years, focusing on revitalising European and long haul markets in line with changing customer demands and strategic objectives".
The directors state that "Titanic Belfast is well positioned for future success, bolstered by the ongoing recovery of international markets and the significant demand for Northern Ireland as a premier visitor attraction".
The directors state that they are satisfied with the results for the year.
Numbers employed reduced from 364 to 295 as staff costs increased from £3.22m to £4.56m.
The accounts take account of non-cash depreciation costs of £235,666 and operating lease expense of £800,000.
The company recorded post tax of £3.96m after recording a corporation tax charge of £1.42m
At the end of March 2024, the company’s shareholder funds totalled £5.8m. The company’s cash funds increased from £3.89m to £4.3m.
Reporting by Gordon Deegan
