Profits boost for Titanic Belfast as over 900,000 visit centre
It is full steam ahead for one of Ireland's most popular visitor attractions as profits at Titanic Belfast increased last year by 63% to £4.2m.
In the 12 months to the end of last March, more than 900,000 people visited the world's largest Titanic visitor experience in Belfast. This contributed to revenues increasing by 10% from £16.3m to £17.9m.
The 9% increase in visitors helped Titanic Belfast Ltd's pre-tax profits increase from £2.5m to £4.2m.
The visitor attraction celebrates Belfast as the birthplace of the ill-fated Harland & Wolff built liner that sank on its maiden voyage in 1912.
According to the directors' report, 90% of the 902,165 visitors in the 12 months to the end of last March were from outside Northern Ireland - one in five international visitors said Titanic Belfast was the main reason for their visit.
The attraction is made up of nine galleries within the landmark Titanic Belfast building and the company also provides venues for conferences, events and banqueting.
The centre opened in March 2012 and the directors said that the company "has enjoyed a successful seventh year as a premier visitor attraction on the island of Ireland".
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The directors added that the appeal of the Titanic story is resulting in continued growth, particularly from international markets with visitors coming from 148 countries.
They said that Titanic Belfast is a significant contributor to the tourist economy within the city, with 47% of all visitors staying overnight and 50% staying two to three nights.
During last year, the company employed 382 full-time and part-time workers and engaged with 1,223 suppliers. Staff costs last year totalled £4m.
The profit last year takes account of non-cash depreciation costs of £519,056.
The firm recorded a post-tax profit of £3.3m after paying corporation tax of £877,091.