Revenues jump at Titanic Belfast

Revenues have increased almost five-fold this year to £6.38 million (€7.34 million) for the operator of one of the island’s most popular visitor attractions, Titanic Belfast.

Accounts filed by Titanic Belfast Ltd with Companies House in the UK show that the business is recovering from the impact of Covid-19, as pretax losses narrowed by 59 per cent to £559,153 in the 12 months to the end of March this year.

The revenues increased by 384 per cent or £5 million, from £1.3 million to £6.38 million, as visitor numbers at Titanic Belfast last year went from 68,923 to 295,818.

The visitor attraction reopened in May 2021 for five days a week initially, while its conference and banqueting business – which had been shut for 18 months – had a soft opening in September of last year.

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In a note with the accounts, the directors said the restructuring of the business post-Covid “had put the company in a strong position to act as an enabler for sustained regrowth of international tourism, not just for Northern Ireland but for the island of Ireland”.

The visitor attraction celebrates the birthplace of the ill-fated Titanic and the directors said they were satisfied with the results for the year, with the increase in revenues driven by the reopening post-pandemic.

The firm recorded positive earnings before interest, tax, depreciation and amortisation (Ebitda) of £200,000, representing an improvement of £1 million on the previous year.

The business this year recorded an operating profit of £493,438, mainly through the forgiveness of a £700,000 intercompany loan and £412,319 in other operating income that included Government grant income of £257,450 primarily arising from the Covid-19 pandemic.

The firm recorded the pretax loss after paying £1.25 million in interest payments. Numbers employed this year increased from 127 to 169, as staff costs reduced from £2.48 million to £1.7 million.