Prestwick Airport cuts losses as revenue takes off


Cargo plane taking off from Prestwick AirportPicture copyright Getty Images
Picture caption The airport said it changed into boosted by elevated gasoline gross sales and cargo growth

Prestwick Airport has confirmed a “predominant growth” in its financial performance in the final year, in step with its annual file.

Accounts filed with Companies House showed the Scottish authorities-owned airport decrease its working losses to £1m.

That changed into when in contrast with £3m the outdated year. Earnings also elevated by 35%, from £18.2m to £24.6m.

Capital expenditure on working belongings also reduced year-on-year to £2.6m.

The total loss for the year, including mortgage ardour, changed into £3.8m – a 50% good purchase on the outdated year.

The airportchanged into taken into public possession six years up to now, after being threatened with closure following heavy losses.

In June, the Scottish authorities announced plans to sell the airport.

Transport Secretary Michael Matheson said final month thatbids for the deliver-owned airport had been accumulated being view about, no matter a 4 October decrease-off date passing.

Picture caption Prestwick Airport changed into taken into Scottish authorities fingers in 2013.

The airport’s annual file said: “Cargo growth changed into solid and we request this growth to continue as we lengthen our commerce pattern activity on this sector and further fabricate discussions with various devoted cargo carriers.

“Glasgow Prestwick remains to be a wanted strategic transatlantic gasoline end space for both navy and commercial airplane.

“Yr-on-year gasoline gross sales have elevated by 79% due to the continuing commerce pattern efforts and our rising recognition for providing an dazzling service to those operators.”

The airport is poke by TS Prestwick Holdco, a within most dinky company wholly owned by the Scottish authorities.

‘Turnaround continuing’

Airport chief govt Stewart Adams welcomed the latest figures.

He said: “The turnaround of the commerce is constant apace.

“The long-term strategic aim of rising all our likely earnings opportunities at the same time as strictly controlling our price imperfect is producing optimistic outcomes.

“We’re removed from complacent but the signs are very encouraging.”

‘Essential growth’

A Scottish authorities spokesman said: “Glasgow Prestwick Airport is operated on a commercial basis and at arm’s dimension from the Scottish authorities.

“These accounts assert that the financial performance of the commerce continues to enhance with earnings rising and working efficiencies finished.

“Essential growth has been made since we bought the commerce in 2013 and it stays our diagram to return it to the within most sector.

“Honest correct growth is being made with the sale job.”

Leave a Comment