Losses double at Peel Airports
01.01.11
Peel Airports, the company that owns and operates Durham Tees Valley, Robin Hood and Liverpool airports, saw its losses double to £26m last year, accounts recently filed at Companies House reveal. In the year to March pre-tax losses rose sharply as its turnover fell 18% to £41m.
The company reported a gross profit of £18m, but administrative expenses were up by 8% to £29.5m and an exceptional item for the impairment related to fixed assets added £7.1m to the losses. In June Peel sold a 65% stake in the company to Vancouver Airports, which is now focused on turning the loss making airports around. It recently introduced a passenger access fee at Durham Tees Valley Airport.
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