Steam Packet profits nearly double

The Isle of Man Steam Packet Company almost doubled its profit to £12.3m last year, up from £6.9m, as it carried a record number of passengers, according to its latest annual report.

The government-owned ferry operator also cut the amount it owes the Treasury, with net debt falling from £114.7m to £96.2m.

The increase was partly driven by an extra £2m earned from renting out two vessels, while the previous year's profit was reduced by a £2.2m write-down in the value of the freight ship Arrow.

However, this year's financial performance could be affected by the loss of the flagship Manxman, which has been out of service since July while undergoing repairs expected to cost about £5m.

Almost 683,000 passengers travelled with the company in 2025, an increase of 8.2%.

The company credited the growth to more winter sailings to Liverpool and a reset of its fares in October 2024, which included letting under-16s travel for free on all scheduled sailings.

More than 69,000 children travelled under the scheme last year.

Revenue rose by 3.9% to £90.6m. But while the amount of freight carried increased by 4.3%, freight revenue fell by 1.8%.

Repairs to Manxman are expected to cost about £5m, funded from company reserves, with a return to service targeted by the end of November.

Managing director Brian Thomson said the ferry operator had "contingency funds to cover unforeseen eventualities such as this" and would seek to recover costs through insurance and warranty claims.

The company has also expanded its Irish services, increasing sailings from 108 in 2025 to 256 in 2026, including a new route to Larne.

Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X.