Edinburgh Airport flying high with £88m in profits
Edinburgh Airport’s recovery from the pandemic has surpassed expectations, with operating profits soaring to nearly £145 million in 2023, a 77% increase from the previous year.
The airport’s profit after tax came to £88m for the year ended 31 December 2023, up from just under £77m in 2022. Passenger numbers also rebounded, reaching 14.4 million, a 28% increase compared to 2022.
Its latest accounts noted that “2023 passenger numbers almost fully recovered on 2019 levels”, approximately 98%, and that “volume recovery has been particularly strong in the second half of the year, where passenger numbers exceeded 2019 levels” by around 2%.
The airport has said its successful recovery “has been led by strong demand for leisure and international travel, particularly long-haul”. It anticipates handling a record 15 million passengers in 2024, thanks to new routes and additional flights.
Edinburgh Airport is now investing in infrastructure to support future growth and enhance passenger experience. It has spent nearly £31m on improvements like a solar farm and runway upgrades.
The organisation’s third-party funding, a combination of debt and loans, has gone up slightly to £1.1 billion.
Despite challenges like emergency runway repairs and access road limitations, the airport has seen improvements in punctuality, security wait times, and customer satisfaction.