A major UK theme park saw a “significant reduction” of £3,332,277 in pre-tax profit last year, accounts have revealed. Flamingo Land in Yorkshire reportedly attracts more than 1.5million visitors a year, according to O’Neill Associates, meaning it is considered to be the UK’s busiest independent theme park. The AA says it gets it gets even more – 1.8million visitors annually. In 2016, it had 1,610,556 visitors, making it the fourth most visited attraction in the country. In 2024, LatestDeals.co.uk named Flamingo Land top of its ranking of the nation’s 10 worst theme parks. The list based on Tripadvisor reviews, ticket prices, and the average ride costs.
But some visitors rushed to defend it, with one reviewer saying their nine-year-old child had “the best day ever”. Now, documents published in January have stated that profit on ordinary activities before tax in 2024 was £1,197,214, with the company paying out £739,867 in levies. The year before, it was £4,568,825, and the park forked out £1,236,548 in tax that year. Comprehensive income for 2024 was £457,347, and £3,332,277 in 2023.
Turnover was higher, at £31,694,293 for 2024 and £30,359,584 in 2023. It comes as venues across the country are dealing with rising prices, as well as tax and wage hikes.
The Chancellor, Rachel Reeves has forced bosses to pay out more in employees’ National Insurance contributions, and the National Living Wage is now higher. These measures kicked in at the beginning of April this year.
Flamingo Land’s report states: “Operating profit has reduced from £4.3million to £659,000. 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 £8.8million to £11.3million. Upkeep and repair costs increased by £600,000, advertising 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 £4.7million (the equivalent increase in the year ended 31st March 2023 was £6.3million).
It added: “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 10-Inversion Roller Coaster (Sik) is being depreciated at a rate of 12.5% per annum on a straight line basis.
“For the first year, now that the hotel has been brought into use, depreciation has been charged on the costs of development and these costs are being written off over a 25 year period on a straight line basis.”
A spokesperson for Drayton Manor in Staffordshire told the Express this month that the UK’s theme parks are facing “ongoing challenges including rising operational costs”.
But “careful management” and “continued support and investment” from its new owners mean it expects to continue operating for decades, and is aiming to be the country’s number one resort.
This is despite suffering a £759,100 hit to pre-tax profits.
The government has recently paraded a new Universal Studios theme park in Bedfordshire as a sign of its quest for growth.
The Prime Minister, Sir Keir Starmer, said earlier this month: “This government is turning the page on a decade of decline, where our manufacturing heartlands were hollowed out by the previous government.
“In recent weeks alone, we have announced the expansion of Heathrow Airport and the building of the biggest theme park in Europe in Bedford. We are reforming our planning rules to build 1.5million homes, and the infrastructure the nation desperately needs.
“New roads, railways, schools, hospitals, grids and reservoirs. British steel will be the backbone as we get Britain building once more.”
The Express has contacted Flamingo Land for comment.
