Our free email updates are the best way to get headlines direct to your inbox Our free email updates are the best way to get headlines direct to your inbox Flamingo Land, one of the UK's leading independent theme parks, has seen a "significant reduction" in pre-tax profit, with accounts showing a drop of £3,332,277 last year. Despite attracting over 1.5 million visitors annually, as noted by O'Neill Associates, and even more according to the AA—with 1.8 million—the Yorkshire attraction faced financial challenges. In 2016, it welcomed 1,610,556 guests, ranking as the fourth most visited site in the UK. However, in a surprising turn, LatestDeals.co.uk placed Flamingo Land at the top of its list for the nation's 10 worst theme parks in 2024, based on factors such as Tripadvisor reviews, ticket prices, and average ride costs. Despite this, some patrons have come forward to praise the park, with one reviewer recalling their nine year old child having "the best day ever". Financial documents released in January revealed that the park's profit on ordinary activities before tax in 2024 stood at £1,197,214, after paying £739,867 in levies. This is a stark contrast to the £4,568,825 profit and £1,236,548 tax payment from the previous year. The comprehensive income also took a hit, dropping to £457,347 in 2024 from £3,332,277 in 2023. The turnover, however, increased to £31,694,293 in 2024, up from £30,359,584 in 2023. These figures emerge as venues nationwide grapple with escalating costs, alongside tax and wage increases, reports the Express. Chancellor Rachel Reeves has implemented policies that have led to higher National Insurance contributions for employers and an increase in the National Living Wage. These changes came into effect at the start of April this year. Flamingo Land's report reveals a significant drop in operating profit from £4.3 million to £659,000, highlighting the directors' commitment to maintaining and updating the park's attractions for the public. The report details: "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." (Image: (Image: PA)) The theme park faced major cost increases in the year ending March 31, 2024, with staff wages and salaries (excluding directors) rising from £8.8 million to £11.3 million. Additional expenses included an increase in upkeep and repair costs by £600,000, a £500,000 rise in advertising, and depreciation charges growing by £680,000. "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 report also notes the ongoing policy of depreciating rides and attractions over four years, with the exception of the 10-Inversion Roller Coaster (Sik), which is depreciated at 12.5% per annum. "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." Furthermore, now that the hotel is operational, its development costs are being depreciated over a 25-year period. "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 has indicated to the Express that the UK's theme parks are navigating "ongoing challenges including rising operational costs" Despite these hurdles, the park is aiming high with expectations to become the nation's premier resort due to "careful management" and the continued backing from their new proprietors, even after taking a £759,100 blow to pre-tax profits. Government officials have been flying the flag for growth, highlighting plans for a new Universal Studios theme park coming to Bedfordshire. The Prime Minister, Sir Keir Starmer, shared his vision 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." He further outlined ambitious plans: "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." Sir Keir Starmer also underscored the importance of national resources in these ventures, stating: "New roads, railways, schools, hospitals, grids and reservoirs. British steel will be the backbone as we get Britain building once more." The Express is reaching out to Flamingo Land for their comments on the situation.