The company behind The Shard's viewing gallery has returned to profitability for the first time since 2019, it has been disclosed.
The London landmark reported a pre-tax profit of £1.6m for 2024, bouncing back from a pre-tax loss of £678,839 in the previous 12 months, as reported by .
This latest figure follows a pre-tax loss of £622,359 for 2022.
Prior to 2024, the attraction at The Shard had not posted a pre-tax profit since it reported a total of £2.3m in 2019.
Newly filed accounts for Shard Viewing Gallery Management Limited with Companies House also reveal that its revenue remained steady over the year at £15.2m.
However, its ticketing revenue did see an increase in 2024, rising from £8.9m to £11.4m.
'The outlook for 2025 and beyond is positive'
A statement approved by the board read: "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 discounted rental arrangement
In November 2023, the firm struck a rent restructuring deal with Teightmore Limited to slash the attraction's rental costs.
Under the revised terms, rather than a fixed fee, the business will pay a reduced base rent annually with an additional payment should turnover surpass £17m between 26 December, 2023, and 31 December, 2028.
The company stated: "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."
