John Wright Posted July 10, 2021 Share Posted July 10, 2021 2019 £11.75 million operating profit turned into 2020 £10.25 million operating loss. Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted July 10, 2021 Share Posted July 10, 2021 1 minute ago, John Wright said: 2019 £11.75 million profit turned into 2020 £10.25 million loss. What, if anything, was in reserves to cover this?? Zero, presumably. Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted July 10, 2021 Share Posted July 10, 2021 8 minutes ago, Andy Onchan said: What, if anything, was in reserves to cover this?? Zero, presumably. IOM gov's reserves have nothing to do with the racket's loss. Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 10, 2021 Share Posted July 10, 2021 3 minutes ago, GD4ELI said: IOM gov's reserves have nothing to do with the racket's loss. Think AO is talking about company reserves. 1 Quote Link to comment Share on other sites More sharing options...
TerryFuchwit Posted July 10, 2021 Share Posted July 10, 2021 11 minutes ago, Andy Onchan said: What, if anything, was in reserves to cover this?? Zero, presumably. They wouldn't need much to cover it. Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 10, 2021 Share Posted July 10, 2021 (edited) "Other gains/losses" is an interesting one. Edited July 10, 2021 by Gladys Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted July 10, 2021 Share Posted July 10, 2021 They've done well given a near £33m revenue contraction year-on-year 6 Quote Link to comment Share on other sites More sharing options...
GD4ELI Posted July 10, 2021 Share Posted July 10, 2021 19 minutes ago, Gladys said: Think AO is talking about company reserves. Ah - OK. Well, that's what grovelling to a bank is for. Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 10, 2021 Share Posted July 10, 2021 1 minute ago, GD4ELI said: Ah - OK. Well, that's what grovelling to a bank is for. Not sure what you mean, but just seeing the P&L doesn't really give the full picture. 3 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted July 10, 2021 Share Posted July 10, 2021 24 minutes ago, TerryFuchwit said: They wouldn't need much to cover it. No choice, whether it's a large amount to cover or not. Without it there'd be no service. Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted July 10, 2021 Share Posted July 10, 2021 The Accounts for 2020 (they use calendar year) are laid before the next Tynwald and are here: https://www.tynwald.org.im/business/opqp/sittings/20182021/2021-GD-0059.pdf The 2019 for some reason are also laid with them: https://www.tynwald.org.im/business/opqp/sittings/20182021/2021-GD-0058.pdf Quote Link to comment Share on other sites More sharing options...
Annoymouse Posted July 10, 2021 Share Posted July 10, 2021 Ordinarily that would be an absolutely shocking figure but given they were mostly reliant on freight, had zero tourism and incurred extra costs due to covid controls it doesn’t seem all that bad. You’d expect figures for Dec’ 20 - Dec’ 21 to be somewhat similar, summer tourism alone isn’t going to make up the deficit of Dec-May, on that basis you’d expect the loss to be roughly half, perhaps 4-5 million? Quote Link to comment Share on other sites More sharing options...
John Wright Posted July 10, 2021 Author Share Posted July 10, 2021 17 minutes ago, Annoymouse said: Ordinarily that would be an absolutely shocking figure but given they were mostly reliant on freight, had zero tourism and incurred extra costs due to covid controls it doesn’t seem all that bad. You’d expect figures for Dec’ 20 - Dec’ 21 to be somewhat similar, summer tourism alone isn’t going to make up the deficit of Dec-May, on that basis you’d expect the loss to be roughly half, perhaps 4-5 million? I’m not sure Covid will have impacted freight. Tourism was never a big figure recently. Most passengers and cars are residents going to/fro. Staff wages were the same. Reduction in operating costs is no SeaCat and reduced number of Mannanan crossings. What does this tell us? Perhaps that freight doesn’t meet the costs. There’ll be some tourists. But no TT. In the 2021 figures. But unless second half 2021 Covid changes then second half passenger and car traffic should be more or less normal. Especially if air connections remain restricted. Theres an interesting £5 million pension loss and the £2.5 million other loss. Total loss for year £17 million. 1 Quote Link to comment Share on other sites More sharing options...
Frances Posted July 10, 2021 Share Posted July 10, 2021 I suspect Covid would have altered the freight - how much construction was done? all of which used to involve imported building material. Why they ran two boats daily defeats me as a bi or tri weekly sailing would I think have sufficed for foodstuffs etc Quote Link to comment Share on other sites More sharing options...
the stinking enigma Posted July 10, 2021 Share Posted July 10, 2021 (edited) Howie said in his pac evidence that it was the supermarkets that wanted 2 boats a day. Edited July 10, 2021 by the stinking enigma Quote Link to comment Share on other sites More sharing options...
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