Dartmouth beats pandemic to make a profit of £1.36m
THE Dartmouth Steam Railway & River Boat Company made £1.36 million profit before tax in a year hit by the Covid-19 pandemic and its lockdowns.
A rationalisation of boat services at a time when fewer visitors were coming to Torbay and a strategic reallocation of resources allowed the business to remain cashflow positive. No redundancies or wage decreases were made because of the pandemic.
Managing director John Jones said that the profit for the 2021 calendar year was the biggest in recent years, largely as a result of the changes made to cope with the crisis. The figures were announced to shareholders at the firm’s annual general meeting on November 9.
“We decided to turn the situation into an opportunity,” said John. “We were not going to sit around feeling sorry for ourselves and licking our wounds.”
Two boats were sold off, but at a loss, and receipts from their sales are not reflected in the profit figure. The railway’s passenger figure of 228,977 was in line with pre-Covid years with 190,746 carried on the boats.
Unlike several other heritage lines, the firm received no public grant aid to help ride the pandemic storm. Shareholders have not been paid a dividend since 2020 as the company held the money back because of Covid loans, which are now covered.
“The whole of Torbay has done well this year because people were not going abroad,” John said. April and May started slowly, he said, but trade improved by June, and between July and September saw 20% more people per day.
Christmas surprises
This year’s festive season bookings are up by 10% as we closed for press. The railway broke new ground by introducing its Train of Lights, Britain’s first illuminated train, in 2018, and last year dispensed with traditional Santa specials. However, two carriages were reserved at the end of each Train of Lights for passengers meeting Father Christmas, and the same arrangement is continuing this time round – and this year’s Train of Lights promises to have new lineside displays and surprises.
“The money made will be ploughed back into the business,” said John. “We are spending a lot of money on steam. We now have the biggest locomotive fleet we have ever had, and we will be looking at hiring some engines out next year.
“We will be relaying half a mile of track at Paignton alongside Network Rail’s line this winter.”
Inquiries for the hire of BR Standard 4MT 4-6-0 No. 75014 Braveheart and GWR 2-8-0T No. 4277 Hercules have already been received, while the loan of GWR 2-6-2T No. 4555 is also being considered.
In 2023, Dart Valley Railway plc will mark the 50th anniversary of its purchase of the Kingswear branch – unique amongst heritage railways in that the line and its services were taken over directly from BR rather than first being closed.