Loganair shows a £6.9M profit for the financial year 1st April 2023 to 31st March 2024
Loganair, the UK’s largest regional airline, has posted an extra yr of profitability with a £6.9M revenue for the monetary yr that commenced 1st April 2023 and ended March thirty first 2024. This consequence, while persevering with a constructive monetary pattern, demonstrates the challenges skilled by the airline in 2023, particularly in relation to operational efficiency, because it accomplished the fleet transition programme.
Using greater than 850 individuals throughout its community, Loganair flies 36 plane throughout over 60 routes. Within the yr to March 2024 the airline carried over 1.5m scheduled passengers, in addition to working constitution providers for the Oil & Fuel {industry}, and delivering on its multi-year contract with the Royal Mail.
Loganair continued to take a position considerably through the monetary yr to March 2024 finishing a fleet transition to ATR and retiring its final Saab 340 in January 2024. The bigger ATR plane current a extra snug expertise for purchasers together with a quieter cabin, extra spacious overhead lockers for baggage and elevated variety of seats permitting the airline to proceed to stimulate extra tourism into the islands and throughout Scotland.
Luke Farajallah, CEO, Loganair, stated: “Regardless of the headwinds brought on by supply-chain issues, operational disruption, and inflationary strain in 2023, Loganair generated a wholesome return within the monetary yr ending March 2024. This ensures we proceed to function sustainably, that we have now the means to proceed funding into our fleet and buyer expertise, and ship essential regional and lifeline connectivity to our prospects.
“The monetary yr ending March 2024 was difficult and the outcomes replicate an surroundings the place many, usually industry-wide obstacles needed to be overcome. Nonetheless, and recognising the necessity to construct on constructive historic monetary efficiency, and with the benefit of getting now accomplished our fleet renewal programme, our focus in 2024 has been to enhance operational efficiency, and scale back prices together with these related to flight disruption. I’m happy to report that the enterprise has responded very effectively to the adjustments launched, and that we have now seen a dramatic discount in delays and cancellations and their related prices. Our focus has additionally been to enhance the shopper expertise, with upgrades to our plane cabins, enhancements to the web site, and Airport processes.
“Our intention going ahead is to construct on the constructive developments seen in 2024, and to set stable foundations for the following part of development for the airline. I’m assured that future monetary efficiency will replicate the assorted adjustments and interventions being made, and that our buyers, staff and prospects can look ahead to a vibrant future.”