Belfast's Titanic Quarter Reports Losses And Warns Against Brexit Impact
Titanic Island Limited, the company that operates Belfast's Titanic Quarter, has reported pre-tax losses of £333,111 for last year. The newly filed accounts show the firm had a turnover of £10.9 million for 2015 and its operating profits increased from £1.96 to £2.49 million.
The Titanic Quarter, which has over 185 acres, is one of the world's largest urban-waterfront regeneration projects and has already had £358 million invested into it since opening in October 2005. The area is home to the Titanic Belfast which was recently named 'Europe's Leading Tourist Attraction', the Titanic Studios which films HBO's Game of Thrones, the 10,000-seater Odyssey Arena as well as 18,000 people who live, work and study there.
It cited difficulties in agreeing on the advancement of new projects with Belfast Harbour as the main problem in its future and that Brexit "could adversely affect the company’s trading prospects in the short to medium term" reports the Irish Times.
The firms accounts show that £45.2 million of shareholder loans make up a large amount of creditors and if they were capitalised the balance sheet for Titanic Island Limited would show shareholders' funds of £7 million. One of its subsidiaries, Titanic Quarter Limited, also incurred a loss of £1.15 million for the year and its accumulated losses increased from £50 to £51.1 million.