Operating losses at the Meat Plant rose by 56% last year - and the government subvention needed to cover the shortfall increased from £2.6m to £4.1m.

The figures are revealed in the latest annual accounts for the Isle of Man Meat Company, to be laid before next month’s Tynwald sitting.

They cover the financial year to end of March 2024.

Chairman Damien Corcoran explained that the company had undergone a significant management restructure with a new senior leadership team and head of finance, and this had led to a delay in publishing the accounts.

He said the appointments had strengthened governance and oversight, and ‘initiated the development of an improved business model aimed at achieving greater commercial viability and ensuring a sustainable future for the plant’.

Gross losses doubled between 2023 and 2024, from £1,314,530 to £2,602,228.

Admin expenses increased, too, from £1,266,806 to £1,422,725, resulting in an operating loss of £4,024,953 in 2024, up from £2,581,336 the previous year.

A government subvention of £4.1m was received, of which £4,036,031 was used. The subvention in 2023 was £2,595,636.

In July, the new board in charge of the loss-making abattoir said they have made real progress in bringing stability to the operation.

The board of the Isle of Man Meat Company said in an open letter that when they took over in late September last year, they inherited a business in real difficulty.

There was no general manager or operational leadership, the Manx National Farmers’ Union had issued a public letter of no confidence and machinery had failed, leading to lost product.

Since then, waiting times for livestock have dropped, cattle processing speeds have more than doubled and the gap on gross profit has narrowed, with sales now closer to covering costs.