Tuesday 3 January 2017

IOSSCo 2015/16 accounts available at Companies House

The IOSSCo  accounts for the year ending 31Mar 2016 were posted at Companies House on the 7 Dec 16 and can be downloaded here.  Some key figures are quoted below:

  • The IOSSC Group turned over £17.4 million, up from £16.3 million in 2015.  Operating profit was £1.84 million, up 35% on 2015. 
  • Sea operations accounted for £6.2 million (35.6%) of Group turnover.  Passenger numbers were up 4% at a record of 116,886.
  • Air operations accounted for £9.6 million (55.4%) of Group turnover.  Passenger number were up 2.4% at 95,704.

Download link for accounts here

Link to ISSCo entry at Companies House here

The Company has been investing heavily in recent years and has funded this from reserves and profits (not debt). 

Air passenger numbers for 2015/16 were 95,704 - up 2.4% on the previously year.  This level of air passenger activity is still well below the ~157,000/year average between 2006 and 2011 when the BIH service was contributing fully to air passenger movements.  The drop in air passenger numbers has undermined the financial viability of the IOS Council run Isles of Scilly Airport and created intense pressure in recent years to increase landing fees which now form a significant element in the ticket price for Skybus flights.

Air passenger numbers do not give the whole story because the IOSSCo has grown sea passengers to record levels following a refit of the Scillonian III a few years ago.  Still, total (air and sea) passenger numbers are about 20% (40,000 - 50,000) down on pre 2007 (pre-recession) figures and using SW Tourism Alliance statistics (Note 1) this could represent a loss to IOS economy of ~ £4 - £5 million p.a (Note 2)

Note 1.  "The Economic Impact of Cornwall's Visitor Economy 2012" prepared by the South West Reasearch Group dated Jan 2014.  
Note 2.  Average tourist spend per trip to the IOS in 2012 was estimated at £332/person (see report in previous note).  40,000 passenger journeys represents 20,000 trips or £6.6 million in total spend.   After removing the transport cost element the likely loss to the islands would be in the £4 - £5 million/year range.  If you consider the stats an under-estimate of spend, especially for helicopter passengers, then the loss to Scilly will be even larger.  A reduction in day visitor trips may of course have boosted average spend per trip in 2015/16 and therefore reduced the loss to the island economy somewhat.

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