Leeds Bradford Airport narrows losses as passenger numbers soar
LOSSES have narrowed at Leeds Bradford Airport, which has seen passenger numbers soar and turnover rise.
Pre-tax loss at the airport in its latest set of results filed at Companies House fell to £5.2m in the year to March 31, 2014, down from £8.6m last time, while passenger numbers rose 11% to more than three million boosting turnover to £26.9m, driven by increased parking and retail revenue.
The airport also revealed it has extended loan facilities of around £90m until 2017 while also receiving £15m from its backer Bridgepoint, which acquired Leeds Bradford Airport in 2007.
The year also saw the first full year’s trading since the £11m terminal development completed mid-way through the prior year.
EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 19% to £4.4m and operating costs rose 3.9% to £8.2m, which the airport said was due to inflationary pressure and investment in operational areas to support passenger growth.
The airport, which employs just under 3,000 people, said the growth was primarily driven by new arrangements with Monarch and British Airways.
It said it continues to develop new routes with Pula and Split added during the year, while the Dusseldorf (Weeze), Kaunas and Budapest services ceased operating. The Islamabad service stopped post year end.
John Parkin, chief executive at Leeds Bradford Airport, said: “Leeds Bradford Airport will continue to invest in its facilities to improve the passenger experience alongside encouraging the continued growth in our business.’’
