Airport records its first profit in more than a decade

Teesside International Airport has reported its first profit at any level since 2012.

Accounts for the year to March 2023 confirmed an earnings before interest, tax, depreciation and amortisation of £308,555 on annual revenues of £14.5 million.

The return to profitability came after Teesside enjoyed its highest passenger numbers in more than a decade due to high demand for flights to Spain, Portugal and Turkey and is ahead of the airport’s financial plan.

The airport also made progress on developing its business park, including completing construction of the first unit on Business Park South, a new link road to the development, and a new Northside hangar that will soon house aircraft painting company Airbourne Colours.

The accounts show that the growth in property and estate development values has driven the airport’s investment portfolio by 173 per cent over five years to almost £50 million.

Phil Forster, Teesside International Airport managing director said: “This is a fantastic achievement and a reflection of the huge amount of hard work by all our staff to bring in new passengers, make the Teesside experience the very best it can be and develop our airport as a great location for businesses.

“I would also like to thank the airport’s board for their continued support in leading us forward.

“We still face strong headwinds but continue to have positive discussions with airlines to grow the number of routes on offer and will not stop in our work to deliver the ongoing success of the airport.”

Tees Valley mayor Ben Houchen said: “When we took back control of our airport I pledged that we would return it to profit, and we have now delivered on this well ahead of our financial plan.

“Not only have we brought back the sunshine destinations that the people of Teesside, Darlington and Hartlepool want, but we are also benefiting from the long-term development of the airport’s business park that is paying dividends by bringing well-paid jobs and major investment to the local economy.”

However, bosses say the airport continues to face significant financial and operational challenges.

A formal strategic review has been requested to assess and revise the airport’s 10-year financial sustainability plan, which will inform future airport strategy.

Ben Houchen added: “Our work is far from complete. We are halfway through the 10-year turnaround plan and the world is in a very different place.

“It’s vital our plan is reviewed to reflect the new challenges and opportunities we face for us to continue to move forward on a sound financial basis.”