Ferry operator the Isle of Man Steam Packet (IOMSPCo) is to pay a £1m dividend to its Treasury shareholder for the first time.

In addition the Isle of Man Post Office will also have to pay £500,000 out of its profits.

Manx Treasury Minister, Dr Alex Allinson said the state-owned ferry operator had made a significant loss during the Covid pandemic

The IOMSPCo. however had now started to make a profit again and it was only right that the operator should pay a dividend.

The Minister told a pre-Budget press briefing: ‘It’s the first since it was purchased (in 2018). 

‘The reason Steam Packet was bought in the first place was because it was making around £20m profit a year and all of that was going off to overseas banks and hedge funds

Isle of Man Today has more .