Teesside airport hits first profit in a decade

Teesside International Airport reported its first profit in more than a decade, helped by higher passenger numbers and successful developments and its adjacent Business Park.

For the year to March, it said it made revenue of £14.5 million and EBITDA of £308,555. 

Teesside said it had its highest passenger numbers for more than a decade due to high demand for flights to Spain, Portugal and Turkey. 

It said it also made progress on developing its Business Park, including completing construction of the first unit on Business Park South, a new link road to the development, and a new Northside hangar, that will soon house aircraft painting company Airbourne Colours. 

The accounts show that the significant growth in property and estate development values have driven the airport’s investment portfolio by 173% over five years to almost £50 million. 

It is the first time the airport has reported a profit at any level since 2012. 

However, Teesside said growth in passenger numbers is now likely to be slower than targeted in coming years due to global supply chain and new aircraft delivery delays making it difficult for airlines to plan ahead to support new routes and bases, and the longer-term effects of the Covid-19 pandemic on the aviation industry.  

A formal strategic review led by a leading independent accountancy firm has been requested to assess and revise the airport’s 10-year financial sustainability plan, which is at the half-way stage of its 2019-2029 duration. The review will inform future airport strategy in response to market changes. 

Teesside International Airport Managing Director Phil Forster said: “This is a fantastic achievement and a reflection of the huge amount of hard work by all our staff to bring in new passengers, make the Teesside experience the very best it can be and develop our airport as a great location for businesses. I would also like to thank the airport’s board for their continued support in leading us forward.”

“We still face strong headwinds but continue to have positive discussions with airlines to grow the number of routes on offer and will not stop in our work to deliver the ongoing success of the airport.”