Prestwick Airport’s recently filed annual accounts reveal a rise in the debt it owes to the Scottish Government, reaching £55.5 million, with accumulated interest now at £12.1 million.
The Ayrshire hub, nationalised in 2013 to prevent closure, received £43.4 million in loans for stabilisation, and while no fresh borrowing has been added recently, interest has grown by over £3 million in the past financial year.
Despite a 7% dip in revenue to £54.1 million, Prestwick reported a near doubling of its pre-tax profit, reaching £1.5 million—its fifth consecutive profitable year.
Airport Chairman Willie Mackie noted the ongoing challenges yet credited the airport’s strategic approach for positive outcomes.
A significant portion of the airport’s revenue, £34.1 million, came from fuel sales, mainly driven by military customers including the RAF, the Canadian and US air forces, and NATO exercises. However, fuel pricing was softer than in previous years, affecting overall revenue.
Passenger numbers grew to 523,000 from 459,000 the previous year, attributed solely to Ryanair flights.
Cargo and fixed base operations saw lower revenue, while property, aerodrome, and passenger activity showed improvement.
Multiple bids have been initiated for the sale of Prestwick, with the Scottish Government aiming to eventually return the airport to private ownership.
Current efforts include exploring market interest in collaboration with Onex Corporation, a Canadian investment firm.
New strategic partnerships, including with Royal Mail and a US-based airport, seek to boost cargo and e-commerce traffic.
Chief Executive Ian Forgie noted that Prestwick’s diverse operations are resilient, positioning the airport to seize growth opportunities.
The Scottish Government spokesperson acknowledged recent expressions of interest but stated that further details remain confidential at this time.
