Of the eight main trading operations under the STSB’s oversight, only Aurigny and Guernsey Ports ending the year in deficit, their combined operating losses totalling £7.9m.
In addition to Aurigny’s previously-reported £6.5m. operating loss, ports lost £1.4m., although this was an improvement on a £2.4m. deficit the previous year.
While ports’ passenger volumes increased by 0.3% and revenues rose by 17% in 2024, it faced higher staff costs and one-off expenses linked to the insourcing of services such as airport security and coastguard operations. Other STSB entities showed steady or improved performance.
Guernsey Water delivered the strongest result, with an operating surplus of £5.7m., up from £3.6m. in 2023. This was achieved thanks to costs being controlled and above-inflation tariff increases, with water charges rising by as much as 12.9%.
Guernsey Post, which has faced sector-wide challenges, including a significant shift away from letter volumes in favour of parcel growth, returned to profit with a £100,000 operating surplus, an improvement from a £400,000 operating loss in 2023. The report said that the utility was on track with its three-year plan to return to profit. Turnover was consistent with 2023.
This performance was aided by the installation of the company’s new parcel sorting automation and the redesign and extension of its head office, allowing for a more efficient handling of higher volumes of parcels while creating delivery capacity to manage future parcel growth.
The Guernsey Housing Association and States Works achieved operating surpluses of £5.6m. and £1.5m. respectively, with States Works even resolving to transfer £1m. to States’ general revenue because of its consistent financial performances. It achieved a £1.7m. operating surplus in 2023.
Guernsey Waste, which posted a small operating deficit of £100,000 in 2023, turned in a £900,000 operating surplus for 2024, reflecting improved revenue from waste processing operations at Longue Hougue and Mont Cuet.
Guernsey Dairy also remained in surplus, albeit with a slight reduction from £200,000 to £100,000. Performance was ahead of budget and income, enhanced by a significant price increase in the cost of milk, was up £800,000.
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