Newcastle Airport has announced its best ever financial results after reporting a big rise in both revenues and profits.
Accounts for the airport show that total revenues increased by 22% to 拢79.1m in 2023, while operating profit grew by 36% to stand at 拢33.9m. The accounts also show that the airport welcomed 4.9m passengers in 2023 along with two new airline partners, SunExpress and AEGEAN.
The year saw the airport invest around 拢20m in its passenger experience, including the redevelopment of the departure lounge and the introduction of new security technology that allows passengers to leave liquids and electronics in their hand luggage. It said that 98% of passengers passed through security in less than 10 minutes.
This winter will see another 拢20m of investment, led by a 拢17m project to resurface its 2,300-metre runway and adjoining taxiways. The project, which will start in November, will be the largest capital investment project in the airport鈥檚 history and aims to 鈥榝uture proof鈥 what it described as a key piece of regional infrastructure.
A further 拢3m will be invested in additional improvements to the departure lounge experience and retail outlets.
Mark Hunt, chief financial officer at Newcastle Airport said: 鈥淚t is pleasing to see that the hard work of our colleagues and business partners has delivered another set of strong financial results. The airport is not only a financially robust business but also performs very strongly operationally, benefiting our passengers and airline partners.
鈥淟ast year we were delighted to win 鈥楢irport of the Year鈥 at the prestigious Routes World conference in the 0-5 million passenger category, an award nominated and voted for by airlines, as well as taking home the 鈥楽tar 海角视频 Airport鈥 award at the Travel Bulletin Awards for the second year running. Our current customer satisfaction scores are some of the highest on record, and our Passenger Assistance team was recently given the top rating of 鈥榲ery good鈥 in the CAA Accessibility Audit.鈥
Council leader Tracey Dixon, who chairs the LA7 group of local authorities that have a 51% stake in the airport, said: 鈥淲e would like to congratulate Newcastle Airport on delivering its best ever financial results. The airport is a significant asset to the North East. It is one of the region鈥檚 largest employers, generates millions of pounds for the local economy and attracts inbound tourism.鈥
Graeme Ferguson, head of airports at InfraBridge, which has a 49% stake in the airport, said: 鈥淣ewcastle Airport has once again demonstrated that it is one of the 海角视频鈥檚 best-performing regional airports, successfully balancing an exceptional passenger experience with efficient operations, while also helping to stimulate economic growth throughout the North East of England.鈥
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