Newcastle Airport celebrates 'best ever' financial results ahead of major £20m investment
Newcastle Airport has today announced its “best ever” financial results following the submission of its 2023 annual accounts.Total revenues for the award-winning Airport in the most recent financial year increased by 22% to £79.1m, whilst operating profit grew by 36% to £33.9m, compared to 2022.
The Airport welcomed 4.9 million passengers in 2023, two new airline partners, SunExpress and AEGEAN, and invested significantly in operational efficiencies and the passenger experience – all of which has been reflected in the recently released figures.
Highlights during the last financial year included:
- £20m investment in the passenger experience, which featured the redevelopment of the departure lounge catering outlets and launch of the world’s first ‘3-tier’ airport lounge product.
- Redevelopment of the Airport’s security search area to introduce next generation security technology, which allows passengers to leave liquids and electronics in their hand luggage.
- Maintaining high levels of operational efficiencies, including 98% of passengers passing through security in under 10 minutes and ranking in the top 3 of all UK airports for on-time performance*
This will be the largest capital investment project in the Airport’s history and will ensure one of the most critical pieces of infrastructure in the North East is future proofed for the continuing benefit of the region’s leisure and business passengers.
A further £3m will be invested in additional improvements to the departure lounge experience and retail outlets.
Mark Hunt, Chief Financial Officer at Newcastle Airport said: “It is pleasing to see that the hard work of our colleagues and business partners has delivered another set of strong financial results.
“The Airport is not only a financially robust business but also performs very strongly operationally, benefiting our passengers and airline partners.
“Last year we were delighted to win ‘Airport of the Year’ at the prestigious Routes World conference in the 0-5 million passenger category, an award nominated and voted for by airlines, as well as taking home the ‘Star UK Airport’ award at the Travel Bulletin Awards for the second year running.
“Our current customer satisfaction scores are some of the highest on record, and our Passenger Assistance team was recently given the top rating of ‘very good’ in the CAA Accessibility Audit.”
Graeme Ferguson, Head of Airports at InfraBridge said: "Newcastle Airport has once again demonstrated that it is one of the UK’s best-performing regional airports, successfully balancing an exceptional passenger experience with efficient operations, while also helping to stimulate economic growth throughout the North East of England."
Cllr Tracey Dixon, Leader of South Tyneside Council and Chair of the LA7 shareholders said: “We would like to congratulate Newcastle Airport on delivering its best ever financial results.
“The Airport is a significant asset to the North East. It is one of the region’s largest employers, generates millions of pounds for the local economy and attracts inbound tourism.”
