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The firm said that with revenue streams spanning passenger travel, cargo operations, general aviation, fuel supply and property, “the airport continues to demonstrate its capacity for sustainable growth and long-term success”.
Willie Mackie, airport chairman, said: “Market conditions remained challenging, however, we have seen further tangible evidence that our strategic focus across the business is delivering positive trading results.”
The results, which showed passenger numbers rose to 523,000 in the year to March 2024 against 459,000 the year before, were described as a “significant achievement” by a spokesperson.
The Scottish Government purchased the airport in 2013 in an effort to preserve jobs and the strategic infrastructure asset.
Prestwick, which employs around 300, said its future growth strategy is further strengthened by new partnerships with the Royal Mail that “will drive expansion in the high-demand cargo sector”.
Prestwick Airport also said it will “shortly announce another strategic partnership with a US airport which aims to establish a new transatlantic cargo corridor, initially focusing on aerospace shipments such as engines, engine parts, and specialised tooling”.
The collaboration will promote direct cargo flights between the two airports, which are well-positioned to handle high-value, time-sensitive goods.
“This agreement also opens the door to exploring the use of Prestwick as a strategic pitstop on already established cargo routes between the US airport and Europe,” the spokesperson said. “This initiative is set to enhance the efficiency of existing services and create opportunities for further commercial expansion in the future.
“The airport continues to service its scheduled passengers with its long-term relationship with Ryanair and a new five-year agreement for passenger services, resulting in a new winter route this year and an increase in the frequency of flights next summer.”
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The airport is an important base for Ryanair with an maintenance, repair and overhaul facility on site employing more than 600 people.
The airport directors added in the accounts: “Our long history of servicing military customers continues with most nations operating aircraft using our airfield and facilities, most notably the RAF, USAF and the Royal Canadian Air Force (RCAF) which last year celebrated its 80th anniversary of its connection with Prestwick.”
Ian Forgie, chief executive of Glasgow Prestwick Airport, said: “We are incredibly proud to celebrate our fifth consecutive year of profitability, a milestone that underlines the success of our strategic vision.
“Our diverse business streams are proving to be robust and adaptable, allowing us to capitalise on growth opportunities even in a challenging market environment.
“The new partnerships with Royal Mail and the US airport highlight our commitment to expanding our cargo operations and establishing Prestwick as a leading hub for e-commerce and aerospace logistics. We look forward to building on these partnerships and driving continued growth for the benefit of Ayrshire and the wider UK economy.”
Mr Mackie also said: “The directors and the executive team remain fully committed to maximising the potential of the airport and to delivering the maximum return to our shareholder.”
The spokesperson added: “As Prestwick Airport looks to the future, the focus will be on further expanding its cargo capabilities, leveraging its strategic location, and maximising opportunities in both established and emerging markets. With a clear growth strategy in place, Prestwick is well-positioned to deliver long-term value for its stakeholders and continue serving as a key gateway for trade and commerce.”
