Losses slashed at Liverpool John Lennon Airport as turnover takes off

The group behind Liverpool John Lennon Airport slashed its losses as its turnover took off during its latest financial year.

According to newly-filed results with Companies House, the group’s pre-tax losses fell from £13.4m to £4.8m in the 12 months to March 31, 2023, while its turnover increased from £18.3m to £38.9m.

The accounts include the financial performance of the airport as well as a number of other companies such as Air Traffic Control Services and Liverpool Airport Services.

The results for Liverpool John Lennon Airport, which were published separately in October 2023, revealed it made a pre-tax profit for the first time.

The airport’s passenger numbers increased from 1.6 million to 3.8 million but were still below its pre-pandemic total of 4.8 million.

‘Dynamic recovery’

A statement signed off by the group’s board said: “The easing of Covid-19-related travel restrictions in the UK and across Europe in early 2022 had a positive impact on performance and the business was able to make a strong recovery from the pandemic during the year, however, passenger numbers remained below pre-pandemic levels.

“The pace of the group’s recovery was generally more dynamic than for larger airports and hubs, due to the airport’s agile response to the easing of travel restrictions and its ability to return very quickly to normal operating practices.”

In May 2023, the airport welcomed Jet2 as its third major carrier with effect from March 2024.

The airline will open 20 routes from Liverpool, of which seven will be new, and operate two aircraft initially with a further two joining from May 2024.

During the year the average number of people employed by the company rose from 235 to 244.

The group’s outlook

The group added: “The group continues to focus on providing passengers with a high-quality, cost-effective service and is focused on improving the passenger experience ensuring that there continues to be adequate capacity to meet the growth in demand and creating the platform for profitable returns in the future.

“Costs are continually being managed as the industry continues to recover from the pandemic.”

The airport’s parent company is jointly controlled by peel Investments LJLA (IOM) Limited and Snowball Holdings Bidco Limited who each own 47.1%. Liverpool City Council own the remaining 5.8%.