The outgoing chairman of the Sefton Group says financial support from the Manx government has helped turn the company around.
Speaking after the group's AGM this afternoon, Sir Miles Walker offered praise and thanks to government for the ?1.3 million loan which helped it pay off its debts.
That loan has been ruled 'ultra vires' - outside the power of government to make - and potentially unlawful.
But Sir Miles says the cash injection has ensured the group can continue to employ 340 local people and give its custom to 150 Island firms.
The overall profit of ?10.3 million for the last financial year is described as 'exceptional', due to funds brought in to reverse the company's decline.
Sir Miles says the company is now on a sound footing for the future:Clip 1
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