Prestwick Airport posts fifth consecutive year of profit

Glasgow Prestwick Airport has returned a £3.2m operating profit for the year 2023-24.

With revenue streams spanning passenger travel, cargo operations, general aviation, fuel supply and property, the financial update stated that diversification has driven performance in recent years.

Prestwick’s future growth strategy is being strengthened by new partnerships that should drive expansion in the cargo sector.

One of these is a collaboration with Royal Mail, announced in June, which is aiming to attract e-commerce cargo flights to Prestwick through a joint offering.

Prestwick is also due to announce another strategic partnership with a US airport, to establish a new transatlantic cargo corridor, initially focusing on aerospace shipments such as engines, engine parts and specialised tooling.

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 airport continues to service 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.

Prestwick remains a base for Ryanair, with an aircraft maintenance, repair and overhaul facility on site employing more than 600 people.

Ian Forgie, chief executive of the 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.”

Board chair Willie Mackie said: “I am very pleased to report another year of improving performance at Glasgow Prestwick Airport. Market conditions remained challenging, however we have seen further tangible evidence that our strategic focus across the business is delivering positive trading results.

“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.”

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