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 . 

#FerryNews- The Manx Treasury chief has put pen to paper to seal multi-million pound takeover.

IOM Today reports that the Government has completed a deal to purchase the Steam Packet Company.

Tynwald members overwhelmingly supported the £124m of what Chief Minister Howard Quayle described as a 'once-in-a-lifetime opportunity'.

Treasury Minister Alfred Cannan has now signed the formal agreement which will see control of the Island's sea services shifted to Government.

Mr Cannan says the move is aimed at providing long-term stability to the ownership of the Island's lifeline ferry operations.