London City Airport has returned to profitability for the first time since the Covid-19 pandemic, as passenger numbers continue to rebound. The airport reported a pre-tax profit of £6.6m for 2023, according to recently filed accounts with Companies House, after suffering a loss of £1.1m in the previous 12 months.
The last time London City Airport posted a pre-tax profit was in 2019, when it reported a total of £47.8m, as reported by .
The airport then suffered losses of £48m in 2020, £45.5m in 2021 and £1.1m in 2022. The latest financial results also reveal that London City Airport's turnover increased from £85.2m to £102.6m.
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The last time its turnover exceeded £100m was in 2019, when it reached £128m.
The increase in turnover was aided by a rise in passenger numbers from 2.9m to 3.4m. In 2019, the airport's passenger numbers stood at 5.1m.
London City Airport is owned by a consortium comprising Alberta Investment Management Corporation, OMERS Infrastructure, Ontario Teachers' Pension Plan and Wren House Infrastructure Management.
The government has recently given London City Airport the green light to significantly expand its capacity. Consequently, the airport will be able to raise its annual passenger cap from 6.5m to 9m passengers and operate three additional flights in the first half hour of operations.
However, the government did not approve the airport's proposal to extend its Saturday afternoon operating hours.
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BA Cityflyer, the leading airline at London City Airport, attributes its improved punctuality and increased profits in 2023 to a "laser focus" on enhancing its service. The British Airways-owned company has recorded a pre-tax profit of £11.1 million for the year, a significant rise from £4.3 million in 2022.
This rebound follows a pre-tax loss of £31.6 million in 2021 and £60.3 million in 2020. Turnover figures registered with Companies House reflect an escalation from £249.3 million to £281.6 million over the period.
Notwithstanding these advances, the company's current turnover and pre-tax profit of £290.6 million and £27.1 million respectively still trail behind its pre-pandemic performance in 2019.