PIK

[dav3]

Not questioning what you said Clive but it seems strange to go to France from Prestwick if it was weapons for Israel.

[Bearsden]

Whilst everyone was in awe of it, no one questions what special cargo it had on board. US weapons for Israel to kill more Palestinians, sadly.

I believe it was US Army trucks that will be fitted with the Iron Dome defence system.

https://breakingdefense.com/2020/08/iro ... lug-it-in/

[Allen McL]

Whilst everyone was in awe of it, no one questions what special cargo it had on board. US weapons for Israel to kill more Palestinians, sadly.

Plenty people were asking what was in it ? Nobody seemed to know at the time.

[Clive]

Not questioning what you said Clive but it seems strange to go to France from Prestwick if it was weapons for Israel.

The fuel guzzler needs to make lots of stops en route from the USA to Israel.

[Clive]

Glasgow Prestwick Airport back in black with £3m operating profit
Lucinda Cameron, PA Scotland
17 August 2020
An airport owned by the Scottish Government has reported a financial turnaround after a £1 million loss the previous year.

Glasgow Prestwick Airport reported an underlying operating profit of £3 million, subject to audit, for the 12 months to March 31 2020.

Revenue increased by 46% year-on-year to £36 million, up from £24.6 million.

The Scottish Government has been seeking to sell the site after taking it into public hands for £1 in 2013.

A preferred bidder was appointed last year.

Stewart Adams, chief executive at Glasgow Prestwick Airport, said the development of new revenue opportunities coupled with measures to control costs and operational efficiencies helped improve the airport’s financial performance.

But he said the coronavirus pandemic is posing new challenges for the airport.

“This performance underlines Glasgow Prestwick Airport’s enhanced status as a vital strategic provider of international freight and aviation services, and a major infrastructure asset which benefits the Scottish economy,” Mr Adams said.

“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.”

The airport is owned by TS Prestwick Holdco, a private limited company wholly owned by the Scottish Government.

Mr Adams said talks are continuing with the preferred bidder.

He said: “A preferred bidder was appointed as part of the sale process.

“Whilst talks with the preferred bidder are continuing, it has been necessary to extend the timeframe for these discussions.

“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.”

Since April, Glasgow Prestwick Airport and its specialist freight services have been involved in the welcoming and handling of personal protective equipment (PPE) for healthcare workers in Scotland.

Andrew Miller non-executive chairman at Glasgow Prestwick Airport, 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.”

[Paris]

Glasgow Prestwick Airport back in black with £3m operating profit
Lucinda Cameron, PA Scotland
17 August 2020
An airport owned by the Scottish Government has reported a financial turnaround after a £1 million loss the previous year.

Glasgow Prestwick Airport reported an underlying operating profit of £3 million, subject to audit, for the 12 months to March 31 2020.

Revenue increased by 46% year-on-year to £36 million, up from £24.6 million.

The Scottish Government has been seeking to sell the site after taking it into public hands for £1 in 2013.

A preferred bidder was appointed last year.

Stewart Adams, chief executive at Glasgow Prestwick Airport, said the development of new revenue opportunities coupled with measures to control costs and operational efficiencies helped improve the airport’s financial performance.

But he said the coronavirus pandemic is posing new challenges for the airport.

“This performance underlines Glasgow Prestwick Airport’s enhanced status as a vital strategic provider of international freight and aviation services, and a major infrastructure asset which benefits the Scottish economy,” Mr Adams said.

“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.”

The airport is owned by TS Prestwick Holdco, a private limited company wholly owned by the Scottish Government.

Mr Adams said talks are continuing with the preferred bidder.

He said: “A preferred bidder was appointed as part of the sale process.

“Whilst talks with the preferred bidder are continuing, it has been necessary to extend the timeframe for these discussions.

“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.”

Since April, Glasgow Prestwick Airport and its specialist freight services have been involved in the welcoming and handling of personal protective equipment (PPE) for healthcare workers in Scotland.

Andrew Miller non-executive chairman at Glasgow Prestwick Airport, 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.”

Impressive results to March this year from a business quoted to be ‘doomed’. Hopefully when audited things still look in black and not red. (Don’t know whether results are pre tax or not)? New man must be doing something right, hope new owners recognise this airports strengths and focus on what are it’s best performing & potential targets.

[Clive]

Sounds like they are, paris, and reading between the lines they are preparing for life after pax. See the bit about a new future under new owners in a markedly different global aviation industry ...

[Bearsden]

I would hazard a guess that most of the revenue increase has been driven by military traffic - UK, USA & Canada

Of course, the figure quoted is Underlying Operating Profit so probably still a requirement to write off capex and account for loan interest

[Clive]

I would hazard a guess that most of the revenue increase has been driven by military traffic - UK, USA & Canada

Of course, the figure quoted is Underlying Operating Profit so probably still a requirement to write off capex and account for loan interest

Yes but did you pick up on the hint about pax ops and the new future?

If there’s good bits of business to be had, the cost of the terminal pax ops can only be a drain on the business. The new owners, who are apparently lined up, obviously know this.

Anecdotally too, as Ryanair are cutting back frequencies and closing bases, if easyJet can close the likes of NCL and SEN then it won’t take a tsunami for Ryanair to close PIK.

And before anyone mentions the Ryanair engineering ops there, yes I know about that but proffer that’s feck all to do with the continuation or otherwise of their paltry pax base over at the terminal.

[billyg6]

Miinisters stand to lose most of the £120m of taxpayers money it has used to bail out three struggling Scottish companies - as they confirmed that they have had no financial return from their huge loan bailout.

The loans were used to prop up Prestwick Airport, Ferguson Marine Engineering Ltd, the ailing shipbuilder at the centre of Scotland's ferry building fiasco and Burntisland Fabrications (Bifab), the struggling Fife manufacturer at the centre of a wind farm jobs row.

The Scottish Government is unable to declare any returns from investment by way of interest payments or dividends from the multiple loans given to all three.

https://www.heraldscotland.com/news/187 ... ine-bifab/