UK regional airline Loganair – which connects Ireland to the UK via routes from Dublin, Derry, Belfast and Donegal – has reported a pre-tax profit of £10.9m for its latest financial year.
The Scottish airline’s financial year runs to the end of March. The latest figure – which covers the 12 months to the end of March 2023 – is a significant improvement on the £4.98m profit it made in the previous year, when the business was still recovering from the pandemic.
Luke Farajallah, CEO, Loganair, said: “It’s encouraging to see we achieved further strong growth in our financial accounts to March 2023, ensuring we can continue to operate lifeline services sustainably and on a year-round basis.”
However, Mr Farajallah warned that Loganair is currently in a transitional period and its current year’s results will reflect its current challenges, which include its fleet transformation and inflationary pressures.
“Whilst the result to the end of March 2023 looks encouraging, it will not be lost on anyone that the current financial year, that will finish at the end of this month, has been one of fleet transformation, operational challenge and inflationary pressures – the latter of which is affecting businesses across Scotland and the UK. We are absolutely committed to building resilience and enhancing our performance for our customers, meaning our future results will reflect the significant investment being made.”
