WIGHTLINK MADE £16MILLION PROFIT IN LAST FINANCIAL YEAR AFTER 10% REVENUE GROWTH

Wightlink made a profit of £16million in the financial year to March 2023, according to the company’s latest financial figures.

This article first appeared in the Island Echo here – Island Echo

The cross-Solent operator published its accounts – which are available on Companies House – on 8th January, covering the period from April 2022 to March 2023.

The books show that revenue increased by 10.8% year-on-year to £78million, but profits fell from £18.9million to £16.0million due to higher costs.

The highest-paid director – who is unnamed – took home £398,000, with a further £285,000 paid out to other directors.

A dividend of £10million was proposed to be paid in June last year, despite Wightlink taking a COVID rescue grant from the Government.

Away from the finances, the accounts report that the total number of sailings carried out by Wightlink in the year to March 2023 rose by 7.5%, with the company’s market share also increasing to 62.1% – growth of 1.3%.

ARCA TopCo Limited is the top-level company in the group, which reports overall debts of £263million. It is controlled by Eaglecrest Marine Bidco Limited and Basalt Infrastructure Partners LLP.