St. John's, NL - Marine Atlantic held its 2017 Annual Public Meeting earlier today (November 6) in St. John's, NL. Marine Atlantic's Chair of the Board of Directors, Kris Parsons, was joined by President and CEO Paul Griffin and Chair of Marine Atlantic's Audit and Risk Committee, Jim Doody, in presenting the 2016-17 financial statements and an overview of the Corporation's activities.
The Annual Public Meeting is designed to provide an update on Marine Atlantic's fiscal year initiatives and investments, with this year's meeting focusing on the period April 1, 2016 to March 31, 2017.
This year's meeting included an overview of the Corporation's financial statements, corporate and shareholder investment, infrastructure upgrades and business change, customer service initiatives and fleet renewal. Customer satisfaction rates increased to 77 per cent during the year in comparison to just 51 per cent in 2010 and on-time performance rates improved to 91 per cent, in comparison to just 59 per cent in 2010. Vessel reliability rates stood at 99 per cent and passenger traffic numbers recorded its second consecutive year of growth, the first back-to-back passenger increases in almost two decades.
"From new and improved infrastructure, an enhanced customer experience and modern technologies, Marine Atlantic's service continues to evolve for the better," said Kris Parsons. "We are working with our partners and stakeholders, customers, industry and business, to further strengthen and grow new opportunities for the tourism and business sectors. The improvements we have seen in our customer satisfaction and reliability rates demonstrate that real change is happening with more opportunity and positive change planned for the future."
During the year, the Corporation generated $111.7 million, while the service cost $209.4 million to operate. The federal subsidy for the year was $94 million with Marine Atlantic achieving a 70 per cent cost recovery falling within the targeted range as directed by the Government of Canada.
"Through our ongoing commitment to safety and living our corporate values, we will continue to evolve to meet the changing needs of our customers and service. While we are proud of the many infrastructure, business and technology investments that have been made, there remains much more to be done. Through ongoing consultation with our customers, we will work in the months ahead to further modernize and strengthen all aspects of our service."
Marine Atlantic is a federal Crown Corporation that reports to the Government of Canada through Transport Canada.
Darrell Mercer, Corporate Communications
(709) 772-0073 or (709) 727-2405