Wednesday, 10 January 2018

IOSSG Statutory Accounts Disappoint.


The statutory accounts of the IOSSG for the year ending 31 Mar 17 have recently been filed at Companies House. The Chairman’s report and the CEO’s Strategic report making interesting reading. Despite one of the most buoyant tourism seasons Cornwall has experienced for years the Company effectively ‘flatlined’ because of capacity issues.
  •  Total turnover was down slightly at £17.094 million against £17.402 (2015/6). 
  •   Profits after tax were down at £1.519 million verses £1.840 million the previous year (2015/6 benefited from an exceptional item contributing to profits not present in 2016/7). 
  •  Total passenger numbers were down slightly at 209,853  (2015/6 212,590).
  • Skybus (turnover ~£9 million) made a small loss (£48,000) overall attributed to increased leasing/fuel costs (caused by depreciate of Sterling) and a decrease in winter passenger numbers attributed to reduced contractor trips on completion of the St Mary’s Quay improvements. Skybus made a small profit in 2015/6 (£173,000).
  • Investment in the Mali Rose (purchase and conversion works) were valued at £2.585 million.  The expenditure had an adverse impact on ‘Net Current Assets’ which dropped to negative £160,460 (2016 + £1,701,154). 

The accounts can be downloaded from Companies House here: https://beta.companieshouse.gov.uk/company/00165746/filing-history.


Comment.

The IOSSG accounts reflect a lacklustre performance in favourable tourism market conditions (favourable for the rest of Cornwall at least).  With the Scilly economy so dependent on visitors the 'flatlining' of the IOSSG passenger numbers implies trouble, or at least stagnation, for the Island economy.

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