Titanic Quarter sinks further into the red as losses mount
Losses at a string of companies related to the landmark Titanic Quarter development in Belfast have widened during their latest financial years, new documents show.
The companies, which are controlled by businessmen Dermot Desmond and Pat Doherty, are all involved in the development of the 161.5-acre site.
Belfast’s Titanic Quarter is home to more than 100 companies with around 20,000 people living and working in the area.
It also welcomes in excess of 1m visitors a year while over £700m has been invested in mixed-use projects to date.
That figure is up from the £658m quoted in last year’s accounts.
The Titanic Quarter hit the headlines last summer when then-Prime Minister Rishi Sunak chose it as an early campaign stop off.
Speaking to local journalists, Sunak was asked if he was in charge of a sinking ship.
Titanic Quarter’s investment reaches £700m
Titanic Property Developments has reported a turnover of £4.8m for 2024, down from the £8.8m it achieved in 2023.
Accounts filed with Companies House also show its pre-tax losses widened over the same period from £485,753 to £2.1m.
Its accumulated losses now stand around more than £14m.
In a statement signed off by the board, the firm said: “The directors, with the support of the company’s stakeholders, funders and shareholders, are committed to progressing further development in Titanic Quarter in the near term.”
Another company, Titanic Quarter Ltd, posted a pre-tax loss of £3.4m for the year. It also lost £1.2m in 2023.
As a result, its accumulated losses have now passed the £40m mark.
However, results for Titanic Properties show its net assets increased in 2024 from £17.1m to £18.3m.
Titanic Office Developments‘ net current liabilities increased in the year from £12.1m to £15.3m.
Titanic Belfast targets international tourism as profit surges
The results come after City PM reported in December that Titanic Belfast had targeted international tourists to continue its recent remarkable growth after its turnover and profit both surged during its latest financial year.
The museum is to focus on attracting visitors from Europe and long-haul destinations after noticing a shift in consumer patterns following the Covid-19 pandemic.
The change comes after Titanic Belfast welcomed 813,857 visitors in the 12 months to 31 March, 2024, up from 579,578 in the year before.
The attraction said it was boosted US, Great Britain and Republic of Ireland tourism and a rise in visitors from cruise ships.
A total of 304,364 visitors were also welcomed to SS Nomadic, the last remaining White Star Line ship.
The figures were included in the latest accounts for Titanic Belfast filed with Companies House which show its turnover rose from £14.3 to £22.1m in the financial year.
Its pre-tax profit also surged from £1.5m to £5.3m over the same period.
The Titanic Belfast tourist attraction opened in March 2012 and houses the world’s largest Titanic visitor experience.