Newcastle International Airport has announced its “best ever” financial results with the submission of its 2023 annual accounts.
Total revenues for the airport in the most recent financial year increased 22% to £79.1 million, while operating profit grew 36% to £33.9 million.
The airport said it welcomed 4.9 million passengers in 2023, two new airline partners, SunExpress and AEGEAN, and “invested significantly in operational efficiencies and the passenger experience.”
Newcastle International Airport is run as a Public Private Partnership between infrastructure investment firm InfraBridge, a division of Florida-based alternative asset manager DigitalBridge, which has a 49% stake, and seven local authorities in the North East of England region, who own 51%.
The local authorities are Durham County Council, Gateshead Council, Newcastle City Council, North Tyneside Council, Northumberland County Council, South Tyneside Council, and Sunderland City Council.
Newcastle Airport chief financial officer Mark Hunt said: “It is pleasing to see that the hard work of our colleagues and business partners has delivered another set of strong financial results.
“The airport is not only a financially robust business but also performs very strongly operationally, benefiting our passengers and airline partners.
“Last year we were delighted to win ‘Airport of the Year’ at the prestigious Routes World conference in the 0-5 million passenger category, an award nominated and voted for by airlines, as well as taking home the ‘Star UK Airport’ award at the Travel Bulletin Awards for the second year running.
“Our current customer satisfaction scores are some of the highest on record, and our Passenger Assistance team was recently given the top rating of ‘very good’ in the CAA Accessibility Audit.”
Graeme Ferguson, Head of Airports at InfraBridge, said: “Newcastle Airport has once again demonstrated that it is one of the UK’s best-performing regional airports, successfully balancing an exceptional passenger experience with efficient operations, while also helping to stimulate economic growth throughout the North East of England.”
Cllr Tracey Dixon, Leader of South Tyneside Council and Chair of the LA7 shareholders said: “We would like to congratulate Newcastle Airport on delivering its best ever financial results.
“The Airport is a significant asset to the North East. It is one of the region’s largest employers, generates millions of pounds for the local economy and attracts inbound tourism.”