The airport reported an underlying operating profit of £3 million, subject to audit, for the 12 months to March 31 this year.

Revenue for the period, before the worst of COVID-19 struck the UK economy, increased by 46% year on year to £36m, up from £24.6m.

The Scottish Government has been trying to sell the airport after taking it into public hands for £1 in 2013. A preferred bidder was appointed last year.

Stewart Adams, the airport’s chief executive, said that developing new revenue opportunities and cutting costs had helped to improve its standing. However, he said that COVID-19 had created new challenges for the airport. 

“While we were very much on an upward trajectory in terms of profitability before the global pandemic, it is inevitable that our future revenue and profits will be affected due to the impact of coronavirus.

“Even before the pandemic, our financial performance was hampered by declining passenger numbers and revenue. In turn we do not expect passenger numbers to return to pre-coronavirus levels in the near future.”

Glasgow Prestick is owned by TS Prestwick Holdco, a private limited company that is wholly owned by the Scottish Government. Mr Adams said talks were continuing with the preferred bidder for the airport, although the timeframe for the discussions had been extended.

He added: “Due to Glasgow Prestwick airport’s importance to Scotland’s national infrastructure, we are confident that the business can be sold in due course. We will continue to investigate opportunities to further develop the business under its current ownership but also with an eye to future ownership as part of a markedly different global aviation industry.”

Prestwick’s specialist freight services team has been involved in taking delivery of personal protective equipment for healthcare workers in Scotland since April, The Times reports. 

Andrew Miller, the airport’s non-executive chairman, said: “On behalf of the board, we thank Stewart and his management team for last year’s exceptional results. During Stewart’s three years as chief executive the business has made significant gains in the marketplace.”