London City Airport’s profit has almost doubled
Profit at London City Airport almost doubled in 2024 thanks to a rise in passenger numbers, it has been revealed.
For its latest financial year, the airport’s pre-tax profit increased from £6.6m to £11.8m.
New accounts filed with Companies House also show its turnover rose from £102.6m to £115m.
Passenger traffic increased by 4.6 per cent year on year with 3.6m people traveling through the airport.
Its on time performance also increased by two per cent to 73 per cent.
London City Airport set for expansion
In 2023, London City Airport returned to the black for the first time since the Covid-19 pandemic.
London City Airport had last made a pre-tax profit when it reported a total of £47.8m in 2019.
Since then it lost £48m in 2020, £45.5m in 2021 and £1.1m in 2022.
The airport is owned by a consortium made up of Alberta Investment Management Corporation, OMERS Infrastructure, Ontario Teachers’ Pension Plan and Wren House Infrastructure Management.
, Macquarie Asset Management bought stakes in Bristol, Birmingham and London City airports.
Almost a year ago, the government granted London City Airport permission to expand capacity significantly.
In July, Morning Wire reported that profit had almost doubled at BA Cityflyer, the main airline operating from the airport, in 2024 despite falling passenger numbers.
The business, which is wholly owned by British Airways, has posted a pre-tax profit of £20.3m for its latest financial year.
The latest total came after the firm’s pre-tax profit stood at £11.1m in 2023 and £4.3m in 2022.
The carrier reported a pre-tax loss of £31.6m in 2021 and £60.3m in 2020.
However, the new results also showed BA Cityflyer’s turnover fell over the same 12 months from £281.6m to £274.8m.
The number of flights fell in the year by 8.4 per cent to 30,500 while passengers also decreased by 1.6 per cent to 2.41m.
However, punctuality improved by 4 per cent to 77 per cent.