The Isle of Man Steam Packet Group reported profit attributable to owners of £12.34 million for 2025, compared with £6.86 million in 2024. Revenue rose much less sharply—3.9% to £90.6 million—so the near-doubling refers to profit, not sales. The figures come from the group’s annual report as summarized by Isle of Man Today on 6 October 2026.
What the 2025 figures show
The reported results distinguish between the amount the company brought in, its operating profit and the profit attributable to owners. Those measures are not interchangeable.
| Measure | 2025 | 2024 | Change |
|---|---|---|---|
| Profit attributable to owners | £12.34 million | £6.86 million | Almost doubled |
| Operating profit | £12.3 million | £7.2 million | Up |
| Revenue | £90.6 million | £87.2 million | Up 3.9% |
These figures are from the annual report as reported by Isle of Man Today. The available report coverage summarizes the results; the 2025 audited statements and audit opinion have not been independently verified here.
Why profit rose faster than revenue
The report coverage attributes the improved performance to a combination of increased passenger and freight demand, controlled operating costs and the absence of an asset impairment recorded in 2024. The sources do not quantify how much of the profit increase came from any one factor, so it cannot be assigned solely to fare changes or passenger growth.
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Record passenger numbers
The company carried 682,907 passengers in 2025, an 8.2% increase on 2024 and a record. Ticket revenue rose 2.6%, while passenger-service revenue increased 12.9%. The company reportedly linked the passenger-service increase to higher passenger numbers, awareness of Manxman’s lounge and cabin offers, and improvements to catering and retail.
The company’s account of its pricing reset says it followed public feedback in October 2024. The measures included Kids Go Free for children under 16 on scheduled sailings, a 10% reduction from 2024 Flexi Fare prices, harmonised freight rates and online booking for private vans. The company said it intended to retain Kids Go Free and the Flexi Fare reduction in 2026. It also reported that more than 69,000 children travelled under Kids Go Free in 2025. These details are in the company’s 2025 review; they do not establish the separate financial effect of each initiative.
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Freight and charter activity
Freight meterage increased 4.3%, but freight revenue fell 1.8%. The company attributed the revenue decline to lower market-linked fuel surcharges under the Sea Services Agreement, illustrating why higher freight volume does not necessarily mean higher freight income. Charters of Arrow and Ben-my-Chree generated £4.4 million, compared with £2.4 million in 2024.
Lower operating costs
Operating costs fell 3%. The company attributed the decrease to lower global fuel prices and improved port charges. Together with higher activity and the lack of the prior-year impairment, lower costs contributed to a much larger rise in reported profit than in revenue.
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Debt, interest and the public-finance context
Net debt reportedly 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 debt, paid £2.3 million in interest to its parent, the Treasury, and declared and paid a £1 million dividend. These figures were reported by Isle of Man Today.
The Steam Packet Company says it funds day-to-day operations from its own revenue and described its operations as being carried out without recourse to public subsidy. That statement does not mean there is no public financial involvement: the company also says a government-secured loan facility and its interest are carried on its balance sheet. The company’s explanation and 2025 review are available in its February 2026 update.
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What the results do—and do not—show
The central point is that the group’s reported owner-attributable profit almost doubled while revenue grew by 3.9%. Passenger growth and cost reductions helped, but the reported explanations also include the absence of a 2024 impairment and do not isolate the contribution of each factor. Freight provides a further distinction: volume rose even as freight revenue declined.
The 2025 figures are reported financial results rather than independent industry statistics. Companies House filing history and the Tynwald material available for context list company and group statements through 2024, not a directly reviewed 2025 audit. The figures and explanations above should therefore be understood as the 2025 annual-report results summarized by Isle of Man Today and the company’s own account of its operations.
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