Airport’s profits soar during successful year
PROFITS at Birmingham Airport have soared by nearly £10m as its passenger numbers continue to set new records.
Revenues reached £130.7m and pre-tax profits were £24.7m in the year to March, with both increasing by £9.7m. It is the first jump in profits in the last three years, a period that has seen revenues increase by £23m.
Dividends paid during the year nearly doubled to £18.1m. The airport is owned by the seven metropolitan boroughs in the West Midlands – which collectively hold 49% – and the Ontario Teachers’ Pension Plan, which has 48.25%.
Passenger numbers increased 5.5% to a record high of 10.4m during the financial year, the fifth consecutive increase, boosted by 11 new airlines. The airport has maintained its growth in passenger numbers throughout 2016 and is on target to surpass 11m.
Commercial income increased twice as fast as passenger numbers, helped by refurbished Wetherspoon’s, Dixons and Next. The airport hopes to continue this momentum with the addition of Joe and the Juice coffee unit and a “significant redevelopment” of its duty free store.
Income from airlines also increased, albeit more slowly, rising 4.0%.
It said the Brexit vote had “introduced uncertainty to the favourable underlying trend” but it was too early to determine its impact.
