Manx Utilities makes £1m profit

Fri, 02 Dec 2016

Manx Utilities says a £1m profit for the 2015-16 financial year is down to reduced fuel costs.

The board's annual report and financial statements will go before Tynwald later this month, showing a £1m surplus compared with a deficit of £3m during the 2014-15 period.

The sale of the former Isle of Man Water and Sewerage headquarters also accounts for the change in fortunes, along with the lack of need for maintenance to sub-sea assets during the 12-month period.

However, the organisation warns uncertainty over the UK's European Union exit along with changes in the international political arena could negatively impact the cost of fuel in the future.