It is usually the case that when you have an increase in revenues and people attending your tourist attraction, you make money. Not so for Titanic Belfast in 2015 reports Belfast Telegraph. The Telegraph reports this is despite the fact that revenues went up by 7% during that year and that it attracted 625,000 visitors. So what caused the drop in revenue? The newspaper reports:
The drop in profit arose chiefly from the firm’s administrative expenses increasing from £6.27m to £7.42m. And the average number of staff employed last year increased from 134 to 153 with staff costs increasing from £2.17m to £2.45m.
So hiring nineteen people cut into expenses pretty seriously. That tells a lot about the cost of labor these days in NI. And probably why visiting the attraction will soon cost more.
Source: Titanic Belfast sees profits drop by a third to £800,000 (Belfast Telegraph, 24 Mar 2016)