MAS makes £786k loss as soaring demand escalates costs

The MAS collected £80.6m from the industry for the year ending March 2015 but had an overall expenditure of £81.4m, resulting in a deficit of almost £800,000. This means the service will not return any capital to the industry which pays for it, it confirmed in its annual accounts. The previous year the MAS underspent by £805,000, which was taken off the amount it levied on the industry for the 2014/15. MAS chief executive Caroline Rookes said the service spent more than its budget allocation in the year to March because of this previous underspend. "The overspend was agreed wit...