New accounts filed by Titanic Belfast Ltd with Companies House in the UK show that the business’s revenues increased by 3pc to £22.7m in the 12 months to the end of March 2025.
While the business has faced some challenges, it remains resilient in a volatile economic environment
The directors say visitor numbers of 869,628 for the year exceeded their forecasts and were up 23,154 on the previous year. They attribute this to “steady growth” in business from tour operators, schools and the British market.
“While the business has faced some challenges, it remains resilient in a volatile economic environment and has increased revenue year on year,” the directors say.
“To meet its growth targets, Titanic Belfast has developed new and existing markets with emphasis on Europe and North America,” they add.
The visitor attraction opened in March 2012 after an investment made by Donegal businessman Pat Doherty.
Located beside where the Titanic was designed, built and launched, it tells the story of the ill-fated liner from its construction and launch to its maiden voyage and subsequent place in history.
Operating profits declined by 27pc from £6.6m to £4.84m and net interest payments of £1.05m reduced pre-tax profits to £3.79m, the accounts show.
The directors state that “with continued strong engagement in inbound tourism markets, we anticipate strong trading throughout 2025”.
They add “it is forecast that visitor numbers to the exhibition, and revenue from ticket sales, catering and retail operations could drop slightly due to the impact of the rise in cost of living, the introduction of the Electronic Travel Authorisation scheme and a perception that Ireland is an expensive destination”.
Nevertheless they promised to drive growth strategies in European and international markets and to “utilise data and insights to operate with agility if the environment changes”.
It was expected that visitor numbers to the exhibition and revenues from ticket sales, catering and retail operations would be sustained although the cost of doing business would increase.
The directors state: “Titanic Belfast is well-positioned for future success, bolstered by the ongoing recovery of international markets and the significant demand for Northern Ireland as a premier visitor destination.”
Numbers employed increased from 295 to 339 as staff costs increased from £4.56m to £5.26m.
The accounts take account of non-cash depreciation costs of £434,605. The company recorded post-tax profit of £2.896m after a corporation-tax charge of £893,103. At the end of March 2025, the company’s shareholder funds totalled £8.7m. The company’s cash funds increased from £4.3m to £4.53m.
source