Displaying items by tag: Pandemic
The Manx state-owned ferry operator, the Isle of Man Steam Packet Company lost tens of millions of pounds in revenue in the first year of the Covid pandemic.
Significant losses to both passenger and freight revenues are outlined in the directors’ report and financial statement for the year ending December 31, 2020, which will be laid before this month’s Tynwald sitting.
It says the government’s decisions to cancel the TT and Festival of Motorcycling in 2020 and 2021, and to impose travel restrictions on all visitors, had a very significant effect on passenger revenues and cashflows.
Thirty-five weeks of Covid-related travel restrictions in 2020 resulted in the loss of about £25m passenger revenues including the cancellation of both that year’s TT and Festival of Motorcycling.
Isle of Man Today has more on the story.
