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 a additional year of profitability with a £6.9M profit for the financial year that commenced 1st April 2023 and ended March 31st 2024. This outcome, while persevering with a constructive financial development, demonstrates the challenges skilled by the airline in 2023, particularly in relation to operational efficiency, because it accomplished the fleet transition programme.

Employing greater than 850 folks throughout its community, Loganair flies 36 plane throughout over 60 routes. In the year to March 2024 the airline carried over 1.5m scheduled passengers, in addition to working constitution providers for the Oil & Gas {industry}, and delivering on its multi-year contract with the Royal Mail.

Loganair continued to make investments considerably throughout the financial year 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 comfy expertise for prospects 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, mentioned: “Despite the headwinds attributable to supply-chain issues, operational disruption, and inflationary stress in 2023, Loganair generated a wholesome return in the financial year ending March 2024. This ensures we proceed to function sustainably, that now we have the means to proceed funding into our fleet and buyer expertise, and ship essential regional and lifeline connectivity to our prospects.

“The financial year ending March 2024 was difficult and the outcomes mirror an surroundings the place many, typically industry-wide obstacles had to be overcome. However, and recognising the want to construct on constructive historic financial 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 modifications launched, and that now we have seen a dramatic discount in delays and cancellations and their related prices. Our focus has additionally been to enhance the buyer expertise, with upgrades to our plane cabins, enhancements to the web site, and Airport processes.

“Our aim going forward is to build on the positive trends seen in 2024, and to set solid foundations for the next phase of growth for the airline. I am confident that future financial performance will reflect the various changes and interventions being made, and that our investors, employees and customers can look forward to a bright future.”