Post by Humberside on Aug 23, 2012 16:58:54 GMT
Bournemouth Airport owner Manchester Airports Group (MAG) has announced that losses at the Dorset airport have doubled and revenue has fallen by 5.6 per cent.
Bournemouth Airport has reported revenue of £10.1m for the year to 31 March 2012, compared with £10.7m in 2011. EBITDA losses have doubled from £300,000 in 2011 to £600,000.
Passenger numbers have also fallen from 700,000 in 2011 to 600,000 in the last financial year.
MAG said it has been a "tough two years" for the airport as a result of airport consolidation and the collapse of Palmair in April 2011, but added that market conditions "are now strengthening".
MAG said it has made impairment provisions totalling £38.5m against the carrying value of Bournemouth Airport's operational assets after reviewing the airport's performance.
Charlie Cornish, MAG chief executive, said: "This year has been a period of transformation for MAG during which we have delivered strong performance against stretching targets in the context of tough global trading conditions for the aviation sector.
"It has been a great start on our journey towards becoming the premier airport services business."
MAG reported an 8.6 per cent rise in revenue to £373.2m in the year to 31 March 2012 and EBITA of £131m, a 13.4 per cent increase on the previous year.
Bournemouth Airport has reported revenue of £10.1m for the year to 31 March 2012, compared with £10.7m in 2011. EBITDA losses have doubled from £300,000 in 2011 to £600,000.
Passenger numbers have also fallen from 700,000 in 2011 to 600,000 in the last financial year.
MAG said it has been a "tough two years" for the airport as a result of airport consolidation and the collapse of Palmair in April 2011, but added that market conditions "are now strengthening".
MAG said it has made impairment provisions totalling £38.5m against the carrying value of Bournemouth Airport's operational assets after reviewing the airport's performance.
Charlie Cornish, MAG chief executive, said: "This year has been a period of transformation for MAG during which we have delivered strong performance against stretching targets in the context of tough global trading conditions for the aviation sector.
"It has been a great start on our journey towards becoming the premier airport services business."
MAG reported an 8.6 per cent rise in revenue to £373.2m in the year to 31 March 2012 and EBITA of £131m, a 13.4 per cent increase on the previous year.
www.insidermedia.com/insider/south-west/75745-losses-widen-bournemouth-airport/