LONDON – Glasgow’s Prestwick Airport (PIK) has managed to recover from its financial woes, following a tough year last year.
In spite of COVID-19, the airport has managed to turn-over a £3m operating profit from a £1m loss.
Revenues at the airport increased 46% to £36m, which is up from £24.6m the same period last year.
Prestwick Airport CEO Comments
Commenting on this positive result was Stewart Adams, the CEO at PIK, who stated the reasoning behind this turn-around.
“This performance underlines Glasgow Prestwick Airport’s enhanced status as a vital strategic provider of international freight and aviation services, and a major infrastructure asset which benefits the Scottish economy”.
“While we were very much on an upward trajectory in terms of profitability before the global pandemic, it is inevitable that our future revenue and profits will be affected due to the impact of coronavirus.”
“Even before the pandemic, our financial performance was hampered by declining passenger numbers and revenue.”
“In turn, we do not expect passenger numbers to return to pre-coronavirus levels in the near future.”
Airport Sale Progress
Prestwick Airport is currently owned by a private holding company that is fully owned by the Scottish Government.
Since 2013, the government has been looking to sell the airport. It was famously put on the market for £1 back in 2013.
A bidder was appointed last year for the airport, with Adams mentioning that more talks are needed.
“Whilst talks with the preferred bidder are continuing, it has been necessary to extend the timeframe for these discussions.”
“Due to Glasgow Prestwick Airport’s importance to Scotland’s national infrastructure, we are confident that the business can be sold in due course.”
“We will continue to investigate opportunities to further develop the business under its current ownership but also with an eye to future ownership as part of a markedly different global aviation industry.”
Prestwick Airport has witnessed relative success in recent months due to the amount of cargo operations going into the airport.
It has been involved in the welcoming and handling of personal protective equipment for healthcare workers across Scotland.
The airport was also privileged to see the Antonov AN-225 fly into the airport earlier this month.
Prestwick Airport Turnaround
Last year in particular saw some success with CargoLogicAir inaugurating Prestwick flights that come in from Houston (IAH) and then departs for Frankfurt (FRA).
It remains clear that Prestwick is on a significant turnaround.
As the bidding process continues for the airport, the attractiveness of the brand will no doubt have increased because of the better financials.
Featured Image: Glasgow Prestwick Airport: Photo Credit: The Scottish Sun