The business behind the viewing gallery at The Shard has returned to profit for the first time since 2019, it has been revealed.
The London attraction has posted a pre-tax profit of £1.6m for 2024 after having fallen to a pre-tax loss of £678,839 in the prior 12 months.
The late total comes after the firm also posted a pre-tax loss of £622,359 for 2022.
Before 2024, the attraction at The Shard had not made a pre-tax profit since it reported a total of £2.3m in 2019.
New accounts filed for Shard Viewing Gallery Management Limited with Companies House also show that its revenue staled in the year at £15.2m.
However its revenue from ticketing did rise in 2024 from £8.9m to £11.4m.
‘The outlook for 2025 and beyond is positive’
A statement signed off by the board said: “The profit for the year reflected improved visitor numbers with the attraction being open throughout 2024 following the partial closure of the attraction during the summer of 2023, tight cost control and a reduction in the rental payment throughout the year.
“Macroeconomic, geopolitical factors and inflation continue to suppress consumer confidence and disposable incomes; however the attraction was seen to have an increase in visitor numbers and revenue generating opportunities in the second half of the year.”
It added: “Notwithstanding challenges outside of the company’s control, particularly wider macroeconomic challenges, the outlook for 2025 and beyond is positive, in particular regarding the company’s continual review of its strategy to refresh the attraction, enhance revenue generating amenities, pricing and marketing.”
The Shard’s cut-price rent deal
In November 2023, the company entered into a rent restructuring agreement with Teightmore Limited to reduce the attraction’s rent.
It was agreed that instead of a fixed price, the business would pay a lower base rent every year with a top up in its turnover exceeded £17m from 26 December, 2023, to 31 December, 2028.
The firm said: “The new agreement is deemed to provide sufficient support and stability to enable the company to meet its current liabilities and continue in operational existence for the foreseeable future and at least a period of 12 months following the approval of this report and these financial statements.”