Bristol airport plunges to nearly £ 30million loss amid pandemic
Bristol Airport has recorded an annual loss of nearly £ 30million as passenger numbers plummet amid the pandemic.
According to its latest annual accounts on Companies House, the transport hub has gone from a profit of £ 28.6million in 2019 to a loss of £ 29.4million last year.
Before the Covid crisis, the airport was expecting another year of growth, with passenger numbers estimated at around 9.3 million in 2020. Instead, travelers passing through Bristol Airport have plummeted from 75.6% to just 2.2 million.
The airport said the “significant drop” in passenger numbers had a “negative impact” on revenues, which were 75.8% below 2019 levels.
The main sources of revenue for Bristol Airport are aeronautical revenue billed to airlines, parking charges billed to passengers and revenue from concessions from airport shops and restaurants.
Last year, the transportation hub closed large parts of the airport during the lockdown to keep costs down.
It also implemented a restructuring program that saw 73 employees made redundant, reduced employee working hours and put staff on leave through the government’s job retention program.
According to Companies House, the measures have helped Bristol Airport save £ 18million, but the revenue impact of a drop in passenger numbers means the company has lost tens of millions of pounds again l ‘last year.
A Bristol Airport spokesperson said: ‘Like all UK airports, Bristol Airport has been significantly affected by the pandemic.
“However, we are on a solid financial footing and see more passengers returning as countries are added to the government’s green list, allowing friends and family to come together.”
In May, Bristol Airport Managing Director David Lees said it would take years rather than months for the industry to recover, with many people remaining cautious before traveling overseas.
“I hope we don’t have any more blockages in the UK, but Europe is a bit late. I think we’re talking about two or three years. It will not be a quick ‘flip of the switch’, ”he said.
The transport boss also said he believed Bristol Airport was “well placed” for the recovery.
Package holidays and airline operator Jet2 opens its new base in Bristol – following a slight delay caused by the pandemic – in July, creating 200 jobs. It will base three planes in Bristol and operate up to 56 flights per week.
EasyJet was the largest airline operating at Bristol Airport in 2020 (63%), followed by Ryanair (24.4%), TUI (5.3%) and KLM (2.9%).
In May, EasyJet revealed expanded semi-annual losses and said it expected to fly only about 15% of its pre-pandemic flight schedule through the end of June despite the restart of international pleasure travel .