Chairman’s Message; Waverley – Financial Performance 2015/16

Supporting the preservation and operation of paddle steamers Waverley and Kingswear Castle

Chairman’s Message; Waverley – Financial Performance 2015/16

The full accounts for the last financial year for Waverley Steam Navigation (WSN) which owns Waverley and Waverley Excursions Ltd (WEL) which operates her are now publicly available from Companies House.

Because there are two companies some may find it difficult to extract key information from the accounts. Once again therefore Graham Shankland, Finance Director and accountant to the companies, has prepared a summary statement which appears below along with the same information for the previous year.

As in previous years it is good to note that the efforts being put in by directors and staff have borne fruit in the financial results.

[signature name=”Iain Dewar” role=”PSPS National Chairman”]


WSN/WEL Accounts November 2015 – October 2016

As in previous years, WSN/WEL Boards felt it would be helpful to give a summary statement on the above accounts, in order to give a better understanding to key readers. In the interests of clarity we have combined the two accounts into one statement. The accounts have been lodged with Companies House.

We have shown comparison with the previous year 2014/15.

Headlines – 2016

Waverley sales –   Passenger numbers were level with the previous year
Sailing days 107 (4 more than the previous year)
(8 days cancelled, 2015 14 days)
Catering sales up 7.2%, retail sales 20.2%
Catering gross profits up 5.5%, retail profits up 20.1%
Waverley refit costs Reduced by 11.2% (2016: £398,098, 2015: £448,275), due to benefit from previous years’ spend
Fuel Costs Increased by 12.3%, due to price increases and more sailings, though still benefitting from hull blasting and efficiencies
Pilotage/Berthing dues Reduced by 1.9% on last year
Advertising costs Increased by 2.6% on last year
Donations/Support (excluding PSPS) Decreased by £183,280, down 26.8% on previous year

Key Financial Information

Sailing Revenue – Waverley 1,575,636 1,453,692
Sailing Days – Waverley 107 103
Passenger Numbers – Waverley 110,987 111,044
Catering/Retail – Sales 580,240 530,807
– Profit 240,701 232,217
Operating Costs – Waverley 1,487,274 1,459,592
Donation/Support 144,109 327,389
PSPS – Loan to grant 0 75,000
PSPS – Grant/appeal 53,638 40,000
Management and Admin Costs 327,207 367,209
Fuel Costs 248,660 217,976
Pilotage and Berthing Dues 130,369 132,948
Advertising Costs 93,365 90,927


The consolidated result for the year before depreciation is a surplus of £213,820 against a surplus of £256,990, a reduction of 16.8%. This is an encouraging result given the fall in Donations/Support/Grants of £244,642

The reduction in the surplus was mainly due to increases in fuel costs, pay rates and the significant reduction in donations and bequests (there was no major appeal this year), despite mitigation by savings made in refit costs and increased sailing, catering and retail revenues.

PSPS will be giving a grant of around £68,000 towards the 2016/17 refit costs.