Operating profit at Flamingo Land for the year to 31 March 2024 dropped £3.3m year-on-year from £4.3m to £659,000, as rising costs and expansive investment plans impacted the group’s bottom line.

Flamingo Land’s latest financial report reveals that though revenue for the year to 31 March 2024 rose from £30.4m to £31.7m year-on-year, operating profit dropped by more than £3.3m, from £4.3m to £659,000 due to rising wage costs.

The group, which operates the UK’s busiest independent theme park Flamingo Land in Yorkshire, as well as the new Dewars hotel and restaurant, saw outgoings increase dramatically over the 12 month period.

“Operating profit has reduced from £4.3m to £659,000,” said a spokesperson. “This is a significant reduction in profit but continues to reflect the aim of the directors to continually refresh and maintain in good order all of the attractions that the park has to offer the public.”

“A major cost increase during the year ended March 31, 2024, was that of staff wages and salaries which (excluding directors) increased from £8.8m to £11.3m.” 

Meanwhile, the company’s “major project” of developing the Dewars hotel and restaurant in Malton added significant expenditure, while upkeep and repair costs across the theme park increased by £600,000, advertising costs increased by £500,000, and depreciation charges increased by £680,000.

“The increase in depreciation charges reflects the investment the company has made in capital expenditure in recent years including (as indicated above) the hotel. Overall overhead and administration costs increased by £4.7m (the equivalent increase in the year ended 31st March 2023 was £6.3m.)”

“The company also continues with the existing policy of depreciating rides and attractions on a straight line basis over a four year period, however the ten-inversion roller coaster is being depreciated at a rate of 12.5 percent per annum on a straight line basis.”

As well as a downturn in profit, Flamingo land continues to battle against opposition to its decade-long campaign to build a resort on the banks of Loch Lomond, which local MSP Ross Greer called “the most unpopular planning application in Scottish history.” In fairness to Flamingo Land,  Mr Greer’s paymasters are probably a great deal more unpopular given the current level of respect for Scottish politics  and politicians at the moment. And let’s not go anywhere near the overspend politicians approved on the construction of the Holyrood parliament buildings. 

That said, Flamingo Land does have an uphill task on the banks of Loch Lomond,  more than 155,000 individual objections have been registered against the proposal to build a waterpark, 100 holiday lodges and two hotels on the 46-acre site. But  Flamingo Land remains committed to pursuing the plans.