The Steam Packet recorded an £11m profit, its latest accounts show, with passenger and freight levels exceeding pre-pandemic levels.

This marks a turnaround and return to calmer seas after it lost £10m during the height of the pandemic.

The report, which goes to Tynwald when it returns from its summer hols in October, shows Isle of Man Steam Packet Group Limited went from a £3,206,675 loss in 2021 to a profit of £11,080,551 for the year end December 31 2022.

Separate accounts for the Isle of Man Steam Packet Company Ltd show profits for continuing operations bounced back from a £461,393 loss in 2021 to a £14,519,742 profit in 2022.

As announced earlier this year, the taxpayer-owned company will pay Treasury a £1m dividend this year, the first return since Tynwald agreed to buy the Steam Packet in 2018.

The directors' report says: 'All remaining Covid-19 restrictions were lifted on April 1 2022 allowing the group to recover at two years of difficult trading.

'Passenger and freight volumes exceeded pre-pandemic levels, with passenger revenues £26.3m ahead of the prior year. Whilst motorcycle event traffic was marginally below "normal", the reduction in air capacity and well-publicised airport security delays due to staff shortages provided a further welcome boost to trade.'

Both reports are on the Tynwald Register of Business and can be found here.