Aberdeen’s Codona’s Amusement Park has had a “rollercoaster” year which saw its profits drop by £1 million.
Newly filed accounts for the year ending January 31 2024 show pre-tax profit dropped to £411,217 in 2023 from £1.4m recorded in 2022.
Turnover at the funfair has dropped to £7.4m from £7.7m in 2022.
Director Alfred Codona said rising energy costs and the incoming change to national insurance contributions for employers were a concern.
However, investing and continuing to grow the business remains a priority.
Ongoing financial challenges
Alfred believes the business is “still finding a new level of trading post Covid”.
He said: “The period during and after Covid has been a rollercoaster not just for ourselves but our industry in general.
“During 2023 I believe we were still finding a new normal level of trading post Covid.
“Coupling this with the squeeze on the cost of living as well as increased costs and we are left with a much tighter profit margin.”
Rising energy costs are still having an impact on Codona’s with them increasing by more than 50%.
Last year Alfred revealed the energy price crisis could’ve pushed them to the brink of closure.
The amusement park is now expecting a financial impact from the increased National Insurance payments recently announced in the budget.
Alfred said: “Like all businesses and the country in general we faced significant cost increases across all aspects of our operation, in particular our energy costs with these increasing by over 50%.
“The additional burden from the recently announced increase to National Insurance contributions is certainly the one giving the most concern at the moment, after that it’s the same challenge as we have faced for over fifty years, we need to ensure we are offering a quality product as well as value for money.”
The average monthly number of employees, including directors, during the year was 207, down from 215 in 2023.
However, the wage bill increased to £2.5m for the year from £2.4m.
New ‘guest ride’ coming next year
Codona’s recently unveiled its £1.4 million refurbishment – with renovated bowling lanes, new “street food” and augmented reality darts.
The project has also upgraded the bar and pool area, while the beachfront buildings have been given a “complete face-lift”.
Alfred said: “We have recently completed the refurbishment of our 10-pin bowling and bar facility as well as giving the external facade of our complex a facelift.
“We hope to continue these refurbishment works with Smugglers Cove Tiny Toys area and Roll Play Street the next in line for a makeover.”
Alfred also revealed there will be a new “guest ride” at the park next year with more details to be revealed in due course.
Codona’s Aberdeen history
Codona’s opened at Aberdeen Beachfront in 1970 and has since then become a popular visitor attraction.
It regularly attracted thousands of visitors but the impact of Covid-19 lockdown and restrictions hit the business hard.
In July 2020 it welcomed visitors back after months in lockdown, having sought confirmation from the government and prepared an array of new safety procedures.
But just six days later the attraction was deemed a “travelling funfair” and forced to close all funfair-type rides immediately.
It then reopened in April 2021 with the lifting of restrictions.
Conversation