Regional airline Loganair returns to profitability and fends off potential impact of economic turmoil
The Glasgow-based carrier, which claims to be the UK’s largest regional airline and recently confirmed it was up for sale, said that in the year to March 31 its pre-tax profit s amounted to just under £5million on turnover. of £161 million, while carrying over 910,000 passengers.
The airline has highlighted its charter and contract operations helping to accelerate its return to profitability, and it has expanded its contract work in support of the energy industry in Aberdeen and now has several large SuperLeague football and rugby teams among its customer base for bespoke aircraft charter services. .
Additionally, it has been signed to deliver a five-year long-term contract with Royal Mail to undertake its Highlands & Islands air services. Loganair added that it has become the UK’s third busiest airline behind British Airways and EasyJet by number of flights operated, and 2022 has seen it experience its busiest summer yet and celebrate its 60th anniversary .
Boss Jonathan Hinkles said the airline had returned to profitability “far sooner than many of our peers in the UK airline industry”. He added: “These two years have undoubtedly been incredibly difficult. Even so… we are fully confident that Loganair is now in the strongest position of any UK regional airline to weather the storms affecting the wider economy.
Additionally, the airline announced a new long-term financing agreement with Virgin Money, continuing a working relationship with the bank dating back more than 20 years.