The UK division of Viking River Cruises has achieved its highest revenue since the onset of the Covid-19 pandemic, with profits also hitting record levels.
The London-based branch of Viking River Cruises reported a revenue of £119.9m for 2023, marking a significant increase from the £94m recorded in 2022, as per the latest accounts filed at Companies House. The last time the company matched or exceeded these figures was in 2019, with a revenue of £129.6m.
In terms of profitability, the pre-tax profit for 2023 stood at £3.3m, a substantial rise from the £2m noted the previous year and surpassing the previous record of £3m set in 2019. A board-sanctioned statement commented, “The director considers the results to be satisfactory, especially given the ongoing cost-of-living crisis in the UK.” Despite economic challenges, consumer demand remained robust, resulting in increased bookings and turnover for the year.
Looking ahead, the company is optimistic about continued growth due to enhanced capacity stemming from the introduction of new ships and itineraries. “The company’s cruise capacity is well positioned for future growth as affiliated group companies have ordered 18 new river vessels for delivery through 2026 and six new ocean ships for delivery through 2028,” the statement noted. A portion of this expanded capacity is expected to be allocated to the UK arm for sale to customers.
The release of these financial results follows the parent company’s listing on the New York Stock Exchange in May this year, valuing the group at over $11bn (£8.2bn). For the first quarter of the current financial year, the group reported a revenue increase to $665.2m (£498.7m) from $583.8m (£437.7m), although its net loss expanded from $211.4m (£166m) to $493.9m (£370.3m). In the second quarter, revenue rose to $1.4bn (£1bn) from $1.3bn (£974.7m), but net income decreased from $190,054 (£142,488) to $163,287 (£122,420).
In conclusion, Viking River Cruises’ UK branch has demonstrated remarkable financial resilience and growth, achieving record revenues and profits amidst challenging economic conditions. With new vessels on the horizon and a strategic focus on expanding capacity, the company is well-positioned for sustained future growth.