New documents have revealed the true extent of losses at Teeside Airport during its latest financial year after limited financial information was released at the end of 2023.
The newly-filed documents with Companies House have revealed that a doubling of passenger numbers and turnover helped cut losses at publicly-owned Teeside Airport during its latest financial year.
The company behind the airport, which has been majority owned by Tees Valley Combined Authority since February 2019, show that passenger numbers increased from 48,281 to 96,902 in the year to March 31, 2023 – its best performance in 11 years.
The documents also show that Teeside Airport’s revenue more than doubled from £7.7m to £15.6m while its pre-tax losses were cut from £16m to £10.8m.
The figures come after the airport revealed limited information about its financial performance in December 2023.
At the time, Teeside Airport said its EBITDA had reduced from £9.03m to £2.26m, ahead of forecasted losses of £5.04m.
A statement signed off by the board said: “The company has continued to provide both financial and strategic support to TIA with its airport turnaround plan.
“Over the 2022/23 period the airport‘s focus shifted to developing the 818-acre estate and increasing revenue streams with aviation-related companies.
“A number of new business opportunities were secured alongside new long-term commitments from existing tenants looking to expand their business opportunities.
‘This continues to form a key part of the airport’s income growth projections with further opportunities to remove old, unsuitable accommodation and create development platforms for the aviation sector and also general business/employment investment.”
During the year, Teeside Airport’s cargo handling facility opened for operation in August 2022, aviation services firm Draken doubled its fleet and Willis Lease Finance Corporation’s £25m aircraft maintenance facility was officially approved and is set to bring up to 300 jobs.
The airport also doubled its flights with TUI to Majorca, with the company launching its Antalya flight for the first time in more than a decade, ahead of its Dalaman service coming in 2024.
KLM also reintroduced its three-times daily service to Amsterdam and Teesside became the first airport in the UK to scrap the 100ml liquid restrictions at security thanks to scanner upgrades.
During the year, the average number of people employed by Teeside Airport increased from 115 to 124.