Pre-tax profits at one of the island’s most popular tourist attractions, Titanic Belfast this year declined by 30% to £3.79m (€4.32m) due to higher costs.
New accounts filed by Titanic Belfast Ltd with Companies House in the UK show that the business’s profits declined despite revenues increasing by 3% from £22.1m to £22.7m in the 12 months to the end of March this year.
The pre-tax profits of £3.79m for this year follow pre-tax profits of £5.39m for the prior year.
The directors state that the visitor numbers of 869,628 for the year exceeded their own forecasts of 845,964 by 3% and were a 23,154 increase on the prior year visitor total.
The directors state that the increase in visitor numbers “can be attributed to steady growth in the year by tour operators, ad hoc and schools and the GB market”.
The directors state that “while the business has faced some challenges, it remains resilient in a volatile economic environment and has increased revenue year on year”.
They state that “to meet its growth targets, Titanic Belfast has developed new and existing markets with emphasis on Europe and North America”.
The visitor attraction celebrates Belfast as the birth-place of the ill-fated Titanic and the centre opened in March 2012 after an investment made by Donegal man Pat Doherty.
Operating profits declined by 27% from £6.6m to £4.84m and net interest payments of £1.05m reduced profits to a pre-tax profit of £3.79m.
The directors state that “with continued strong engagement in inbound tourism markets, we anticipate strong trading throughout 2025”.
They add that “it is forecast that visitor numbers to the exhibition and revenue from ticket sales, catering, and retail operations could drop slightly due to the impact of the rise in cost of living, the introduction of the Electronic Travel Authorisation scheme and a perception that Ireland is an expensive destination”.
They added “that said, we will drive growth strategies in European and international markets and utilise data and insights to operate with agility if the environment changes”.
They add that “it is expected that visitor numbers to the exhibition and revenues from ticket sales, catering and retail operations will be sustained although the cost of doing business will increase”.
The directors state that “Titanic Belfast is well-positioned for future success, bolstered by the ongoing recovery of international markets and the significant demand for Northern Ireland as a premier visitor destination.”.
Numbers employed increased from 295 to 339 as staff costs increased from £4.56m to £5.26m.
The accounts take account of non-cash depreciation costs of £434,605 and operating lease expense of £800,000.
The company recorded post tax profit of £2.896m after recording a corporation tax charge of £893,103
At the end of March 2025, the company’s shareholder funds totalled £8.7m. The company’s cash funds increased from £4.3m to £4.53m.
Reporting by Gordon Deegan
