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The Isle of Man Steam Packet Group reported profit attributable to owners of £12.34 million for 2025, up from £6.86 million in 2024—an increase of about 80%. Revenue rose much less, by 3.9% to £90.6 million. The figures, attributed to the company’s annual report in Isle of Man Today’s 6 October 2026 coverage, point to a combination of passenger growth, lower operating costs and the absence of an impairment recorded in the prior year.
What does “profits almost double” mean?
The headline refers to profit attributable to owners, which increased from £6.86 million in 2024 to £12.34 million in 2025. That is not the same measure as operating profit, and it does not mean the company’s revenue nearly doubled. Isle of Man Today reported these annual-report figures on 6 October 2026: Isle of Man Steam Packet profits almost double in record year.
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| Measure | 2024 | 2025 | Change |
|---|---|---|---|
| Profit attributable to owners | £6.86 million | £12.34 million | About 80% higher |
| Operating profit | £7.2 million | £12.3 million | Higher |
| Revenue | £87.2 million | £90.6 million | Up 3.9% |
The distinction matters: profit measures what remains after costs and other relevant items, while revenue is money generated before those deductions. The reported increase in attributable profit was therefore far larger than the increase in sales.
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The annual-report coverage said the group linked its improved result to stronger passenger and freight demand, controlled operating costs and the absence of an asset impairment recorded in 2024. The reported information does not quantify how much each factor contributed, so no single fare policy or operational change can be credited with the increase on its own.
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More passengers and passenger-service income
The company carried a record 682,907 passengers in 2025, 8.2% more than in 2024. Ticket revenue rose 2.6%, while passenger-service revenue increased 12.9%. The company reportedly pointed to passenger growth, awareness of Manxman’s lounge and cabin offers, and improvements to catering and retail as reasons for the stronger passenger-service result.
Reported contributors to passenger growth included Manxman’s winter weekend Liverpool service and the children-go-free scheme. More than 69,000 children travelled under the scheme in 2025, according to the annual-report coverage.
Freight volume rose, but freight revenue fell
Freight meterage increased 4.3%, but freight revenue declined 1.8%. The company attributed the revenue fall to lower fuel surcharges linked to market rates under the Sea Services Agreement. More freight volume therefore did not translate into higher freight revenue in the reported year.
Lower costs and charter income
Operating costs fell 3%. The company attributed the reduction to lower global fuel prices and improved port charges. Charters of Arrow and Ben-my-Chree generated £4.4 million, compared with £2.4 million in 2024, providing another reported source of income.
How did the pricing reset fit in?
The company said its pricing reset followed public feedback and was announced in October 2024. Its February 2026 review listed these initiatives:
- Kids Go Free for children under 16 on scheduled sailings.
- A 10% reduction from 2024 Flexi Fare prices.
- Harmonised freight rates.
- Online booking for private vans.
The company said it intended to retain Kids Go Free and the Flexi Fare reduction in 2026. These measures form part of the commercial context, but the published figures do not isolate their individual effects on revenue or profit. The company’s account of the pricing changes is in its 2025 review, published in February 2026.
What do the debt and Treasury figures show?
Reported net debt fell from £114.7 million at the end of 2024 to £96.2 million at the end of 2025. During 2025, the company repaid £5.2 million of principal and paid £2.3 million interest to its parent, the Isle of Man Treasury. It also declared and paid a £1 million dividend.
The company says it funds day-to-day operations from its own revenue and that the government-secured loan facility and interest are carried on its balance sheet. Its statement that operations were achieved “without any recourse to public subsidy” should be read alongside those separate loan and repayment obligations; it does not mean there is no public financial involvement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about 2026 sailings?
In its February 2026 update, the company said 256 sailings to and from Ireland were scheduled for 2026, compared with 108 in 2025. It also scheduled 2,239 sailings to English ports for 2026, compared with 2,039 sailings operated in 2025. These are schedule figures for 2026 versus completed sailings in 2025, not a like-for-like comparison of sailings already operated.
The company described a role for Ben-my-Chree in Ireland services, including three weekly sailings to Larne from late July and two weekly return crossings to Dublin during part of the year. The figures and service plans are from the company’s February 2026 review.
How firm is the reported picture?
The current financial figures are reported by Isle of Man Today as figures from the Steam Packet’s annual report; the report’s audited statements and audit opinion are not reproduced in the sources cited here. Companies House filing history lists group accounts through 31 December 2024, and a Tynwald document lists the company’s and group’s 2024 statements. Those records provide context but do not independently verify the 2025 figures or the detailed accounting treatment of the 2024 impairment.
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The safest reading is that the reported 2025 result reflects a substantial increase in attributable profit alongside modest revenue growth, with the company and news coverage citing a mix of demand, costs and prior-year comparison effects. The published figures do not establish a precise causal contribution for any one factor.
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