Titanic Belfast Parent Company Records 17% Decrease In Pre-Tax Profits For Year That Ended On March 31, 2020
Accounts for the company behind popular visitor attraction Titanic Belfast, Titanic Belfast Ltd, have revealed that the business experienced a 17% decrease in pre-tax profits during the year that ended on March 31, 2020.
As reported by The Irish Times, the accounts reveal that the business's pre-tax profits decreased by 17% to £3.48 million during the 12 month period, while its revenues decreased by 4.5% to £17.1 million.
Additionally, the company paid out a £3.75 million dividend during the period, which followed a £1.65 million dividend the previous year; the number of people employed by the business increased from 221 to 292; staff costs increased from £4.18 million to £4.36 million; the company's post-tax profit amounted to £2.88 million after a corporation tax payment of £603,841; its accumulated profits decreased from £2.77 million to £1.9 million; the company's cash decreased from £4.44 million to £1.9 million during the 12 month period; and 824,479 people visited Titanic Belfast during the 12 month period.
COVID-19 Pandemic Impact
The accounts state that Titanic Belfast is relying "on substantial government assistance which is being provided to mitigate the negative effects on trading due to the COVID-19 pandemic".
According to the accounts, Titanic Belfast has secured Heritage Lottery Funding of £1.63 million from the Department of Communities, and the directors said that Titanic Belfast is also relying on the forbearance of the Maritime Belfast Trust in respect of contractual commitments of money to be paid yearly relating to a sinking fund for exhibition enhancements.
The directors also said that the company "has reached agreement in principle for the deferment of these payment obligations", and noted that, when it has been permitted to open during the pandemic, Titanic Belfast "has experienced a circa 70% reduction in visitor numbers given the lack of international visitors".
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