Headline news in the Northeast today is the loss currently being incurred by Teesside airport.
This airport forms part of the government’s levelling up process.
It is disappointing to learn that it lost £13.8 million in the last financial year against £3.6 million in 2019 when Teesside had different ownership. (From 2012 until 2019 the airport had been owned by Peel Group).
The airport's finances are deeper in the red https://t.co/x53kG2Yj7y
— The Northern Echo (@TheNorthernEcho) September 21, 2021
The bigger loss comes at a time when Teesside has seen many of its routes restored, including its prime London link – this was initially to London City but has now been moved to Heathrow. The airport also abolished its ‘development fee’ in April this year, which was unpopular with our readers and other travellers.
Tees Valley mayor Ben Houchon told The Northern Echo today that the losses would be “slashed” and the airport would return to profit by 2024.
The loss was greater than forecast owing to the pandemic which had depressed passenger volumes. However certain details regarding the airport’s finances are still not publicly declared.
I suspect the latter relate to the ‘help’ which airports invariably provide to airlines when they launch new services.
Although £13.8 million may not seem a substantial sum in the London and Southeast area it represents a significant sum in the Tees Valley region.
For corporate travellers the big news was the reopening of Teesside’s London Heathrow route by Loganair. As we reported several months ago Loganair was to operate up to three flights daily to Heathrow, which of course provides very many international connections.