Airports group sees profit and passenger numbers soar

Regional & City Airports Group (RCA) has seen pre-tax profits soar to £14.24m from £1.31m on the back of a 20% rise in revenue following a 15% increase in passenger numbers and growing cargo volumes.

RCA owns and operates Bournemouth, Exeter and Norwich Airports and holds a management contract for Solent Airport.

The company also owns XLR Executive Jet Centres at Birmingham, Bournemouth, Exeter and Liverpool and is part of Rigby Group plc, the 12th largest family business in the UK, with a consolidated turnover of £3.5bn.

In the year to 31 March 2024, RCA welcomed 1,755,000 passengers, an increase of 15% on the year before, and handled 19,000 tonnes of cargo. Total revenue increased 20% to £111m from £93m last time.

RCA chief executive Andrew Bell said: “These results are a testament to the dedication of our team and the strategic investments we’ve made across our network. The significant growth in passenger numbers and cargo volumes underscores our commitment to providing world-class services and infrastructure. As we continue to expand our operations and embrace innovative solutions, we’re not only enhancing the travel experience but also reinforcing our position as a key player in the UK’s aviation sector.”

Highlights included:
Bournemouth Airport: passengers surpassed 2019 pre-pandemic levels, with full year passengers of 967,000, up 25% on the prior year. Cargo operations saw very strong growth, building on the foundations laid in previous years, with 16,000 tonnes of cargo handled in the year. RCA said the airport is now an established gateway for airfreight into the UK, offering faster and lower cost transit from air to road and onwards into the logistics networks of the UK. In April 2024, Jet2.com announced its intention to open its 12th UK base at the airport in 2025, cementing the airport’s role as the UK’s primary international airport south of the London system.

Exeter Airport: saw passenger numbers grow 8% to 435,000, with the growing route network covering a wide range of domestic and international destinations. Overnight cargo operations on behalf of the Royal Mail drove 3,000 tonnes of cargo. The airport continues to develop its role in the wider network of organisations and initiatives leading research on sustainable aviation in the South West. Among others, a new initiative with based airline TUI and Cranfield University was launched in the year, focussed on decarbonising aircraft turnaround operations. Trials involving a variety of hydrogen-powered ground support equipment at Exeter Airport are scheduled for this autumn.

Norwich Airport: handled 353,000 passengers in the year, an increase of 2% on the prior year. The airport continues to operate as the gateway into the southern North Sea for the energy industry and as a popular regional airport for leisure passengers. This was further evidenced in the year with the announcement by Ryanair of the introduction of services to mainland European leisure destinations which started in April 2024.

XLR Executive Jet Centres: delivered another year of solid progress. The operations at Birmingham and Liverpool airports continued to build their reputations for class leading service and tailored solutions, handling 5,458 movements, an increase of 7% on the prior year. Key relationships with the UK Government, military organisations, operators and major charter brokers representing high profile sports and corporate clients were established and developed during the year, underpinning this growth.

Bell added: “Looking ahead, we’re optimistic that RCA is well positioned to deliver further growth across the spectrum of aviation and non-aviation activity that it undertakes, underpinned by the efficient and compelling proposition available to passengers, airlines and other business partners.”