Big jump in airport losses
07.10.10
Liverpool Airport has recorded the biggest loss in its history, the Daily Post reports. The hub reported pre-tax losses of £8.84m in the year to 31 March 2010 on a turnover of £31.1m. Last year the airport made a loss of £1.32m on a turnover £0.27m higher.
Part of the 2010 loss, unveiled in accounts filed at Companies House this week, is due to a £4.8m write down in the value of investment properties. Passengers fell by 1% to 5.1m during the year, although monthly falls were reversed from November. Since then it has recorded 9 year-on-year increases in 11 months, with only the volcanic ash problem in April and May preventing continuous passenger growth.
In June, Peel Group sold 65% of Peel Airports to Canadian group Vancouver Airport Services for £110m. It is unclear whether the investment properties write down is connected with this transaction.
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