Big jump in Liverpool Airport loss
07.10.10
Liverpool Airport has recorded the biggest loss in its history, after being hit by domestic and global economic storms, the Daily Post reports. The hub made pre-tax losses of £8.84m in the year to March, 2010, on a turnover of £31.1m. Last year, it made a loss of £1.32m on a turnover that was just £270,000 greater.
Part of the 2010 losses, unveiled in accounts filed at Companies House this week, are due to a £4.8m write down in the value of investment properties. Passenger numbers fell by 1%, to 5.1m, during the financial year, although monthly falls were reversed from November. Since then it has recorded nine year-on-year increases in 11 months, with only the disruption from the volcanic ash problem in April and May preventing continuous passenger growth.
In June, Peel Group sold 65% of Peel Airports – of which Liverpool accounts for a majority – 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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