Big Changes Announced within the Steamship Company

The IOSSGp has announced its results for the year ending 31 Mar 2018 and it is not a reassuring story despite a ~3% increase in total passenger numbers to 215,624 (2017 = 209,853) and a record turnover of £17.46 (previously £17.46m). Profits before exceptional items were, after tax, £514,736. Exceptional items included an ‘impairment’ following a revaluation of the Mali Rose of £633,447 in the Group’s annual accounts. This gave a final operating loss of £0.17m compared to a profit of £1.52m in the previous year.

The IOSSGp press release has announced the appointment of two new directors, Scillonian Stephen Hicks, who was brought up on the islands and had a career in the Merchant Navy before returning to Scilly in 1989 and Henk Wiekens, joint managing director of Pendennis Shipyard in Falmouth since a management buy-out in 1993. See Company announcement for more details of the new directors.

Not announced in the Company press release but recorded at Companies House is the appointment of Gary Robert Clark, Chartered Accountant, as a director from 30 Aug 18.

It is rumoured, but not formally announced in public, that Andrew May and Diccon Rogers are standing down as directors.

Comment

The changes to the Company Board, both the appointments formally announced and the resignations rumoured, will be welcome news to shareholders, islanders and regular visitors to the islands. 

Significant damage has been done to the Company’s balance sheet by the Mali Rose debacle.  The impact of the Island Helicopters initiative on the Company's 'bottom line' will not be known publicly until next year. Even more serious damage has been done to the Company’s reputation amongst islanders and other customers by the highly personal and no-holds-barred campaign against the Penzance Heliport proposal to protect the transport monopoly the Company inherited in 2012 when the BIH service from Penzance was withdrawn. This campaign was seen has highly injurious to the island community and its visitor dependent economy.

Company announcement 11 Sep 18

Business Cornwall Report 11 Sep 18