PIK

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Clive
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Re: PIK

Post by Clive »

Bearsden wrote: Thu Aug 25, 2022 11:53 am
Clive wrote: Thu Aug 25, 2022 7:10 am
Clive wrote: Tue Aug 09, 2022 4:41 pm

I wonder if you or anyone else with a professional sort of air could make an FOI request to ascertain this. If it is true then myself and the likes of GLA bosses would rightly pressurise the current Scottish Government to remove this stipulation. Also if it’s not true we could just stop saying it.
Genuine question- does anyone have the wherewithal to make the above Freedom of Information request?
No 'wherewithal' required (see links below) BUT I would suggest that they will apply exemptions like 'Substantial prejudice to commercial interests' to avoid responding

Freedom of Information
For all Freedom of Information and Environmental Information Regulations please read the link Freedom of Information and Environmental Request Policy and either populate our contact form or write to us using the details below.

Mail: FOI Request, HR Office, Executive Corridor, Aviation House. Glasgow Prestwick Airport, Ayrshire, KA9 2PL or email foi@glasgowprestwick.com

Would you like to make the request on behalf of the forum, so that we can hopefully clear up this matter? I vow to pressurise the SG if your claim, that the SG have a condition imposed on the management that prevents them from full commercial autonomy in regards the pax terminal ops, is confirmed.
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GeorgeNTravels
Posts: 594
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Re: PIK

Post by GeorgeNTravels »

The initial wave of S23 flights with FR are on sale

Gran Canaria: Tue, Sat
Lanzarote: Fri, Sun
Tenerife: Tue, Wed, Thu, Sat, Sun

Nothing else loaded but obviously subject to change and will update accordingly.
Last edited by GeorgeNTravels on Sat Oct 22, 2022 5:31 pm, edited 1 time in total.
GeorgeNTravels
Posts: 594
Joined: Mon Aug 16, 2021 8:14 pm

Re: PIK

Post by GeorgeNTravels »

GeorgeNTravels wrote: Fri Oct 21, 2022 4:58 pm The initial wave of S23 flights with FR are on sale

Gran Canaria: Tue, Sat
Lanzarote: Fri, Sun
Tenerife: Tue, Wed, Thu, Sat, Sun

Nothing else loaded but obviously subject to change and will update accordingly.
Tfs added
Clive
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Re: PIK

Post by Clive »

PIK operating a profit for 3rd year in a row.

Interesting to note their master plan makes no mention of pax ops. Here’s an excerpt from The Times:

“The airport said it had benefited from growth in several areas as operations returned to a more normal schedule after the pandemic. Its annual accounts show revenue of £34.2 million and a pre-tax profit of £1.2 million for the 12 months to March.

Cargo volumes rose by 36 per cent to 18,000 tonnes, passenger numbers more than doubled to 118,000 and refuelling was up 89 per cent to 36 million litres. The value of fuel sold, at £20.8 million, made up the bulk of revenue in the financial year.

Prestwick has been in public ownership since the Scottish government paid a token £1 to buy it in 2013. Since then £43 million of loans have been accrued by the airport and were noted in its accounts to March 2021.

Attempts to sell the business have not been successful. In its most recent accounts Transport Scotland said it had “previously provided loan funding to [Prestwick] to cover the cash deficit arising from its operating deficit and capital expenditure”. It confirmed it provided no additional support for Prestwick during the most recent financial year.

Prestwick’s accounts state it has not drawn down new loan funds for three years and does not expect to need additional support in the current 12 months.

Ian Forgie, the Prestwick chief executive, pointed out that the airport had been the arrival point for 30 heads of state during the Cop26 talks in Glasgow while also acting as a hub for the NHS’s Covid-19 vaccine programme.

Forgie was pleased with the financial performance, given the “difficult economic conditions”, and said the organisation has the “full support” of the Scottish government to invest for the future.

He said: “Our masterplan is looking afresh at growth opportunities in cargo, expanding aircraft maintenance and training facilities, the spaceport programme and delivering our sustainability strategy ambitions. The progress made is there for all to see.””
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atuk
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Re: PIK

Post by atuk »

£1.2m pre tax profit, good news indeed.

However there is £43.2m of outstanding debt which will not be called upon until March 2024 at the earliest. What happens if the Ukraine war is resolve? The Spaceport remains unconfirmed for PIK and if military traffic declines what does the future profitability rely on then?

Debt ultimately pulls you down. Just look at Thomas Cook, Monarch Airlines,Dan Air, air Europe, Laker and Court Line.
Clive
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Re: PIK

Post by Clive »

atuk wrote: Thu Nov 17, 2022 1:44 pm £1.2m pre tax profit, good news indeed.

However there is £43.2m of outstanding debt which will not be called upon until March 2024 at the earliest. What happens if the Ukraine war is resolve? The Spaceport remains unconfirmed for PIK and if military traffic declines what does the future profitability rely on then?

Debt ultimately pulls you down. Just look at Thomas Cook, Monarch Airlines,Dan Air, air Europe, Laker and Court Line.
The USA will always find reasons to place their military hardware and personnel in faraway countries and at the same time frown upon certain other countries doing the same.
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hads
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Re: PIK

Post by hads »

The debt is underwritten by SG.
Unless a political decison is made to the contrary, the Balance sheet will be supported indefinately
Clive
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Re: PIK

Post by Clive »

hads wrote: Thu Nov 17, 2022 2:59 pm The debt is underwritten by SG.
Unless a political decison is made to the contrary, the Balance sheet will be supported indefinately
Settled when the asset is sold, no doubt.
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Clive
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Re: PIK

Post by Clive »

Plenty of food for thought from The Herald, especially for our resident Tories:

“DRIVING past Prestwick Airport always evokes memories, including distant ones of visits to see people off on transatlantic flights in decades past and thoughts of numerous European trips which began from there.

It is always a little sad to reflect on the airport’s current passenger numbers, relative to where they were even relatively recently when Prestwick was enjoying something of a revival from the boom in budget airline flights.

In the first decade of the new millennium, for example, there were flights from Prestwick to many overseas destinations in Europe, on scheduled and charter services, as well as regular flights to London. Annual passenger numbers hit 2.5 million in 2005, with the total in each year between 2004 and 2008 being more than two million.

And you would imagine many people using the airport these days, or passing by it, would not know or might even find it hard to imagine that it was in decades gone by the only airport in Scotland offering transatlantic flights.

However, while the airport seems a long way from its heyday, it remains a very important part of the Ayrshire and broader Scottish economy.

This is a simple fact which seems at times to be lost on many. It certainly appears to have escaped those who have for years carped on about some of the airport’s troubles, with what has if you scratch beneath the surface looked a whole lot like politically motivated delight.

The fact that the airport has since 2013 been in Scottish Government ownership has seen this crucial asset become a target for opponents of the SNP.

This petty point-scoring has been irritating in the extreme, not just in terms of its utterly tiresome tone and degree of repetition of ideological dogma but also crucially because those opposing state support for, or even continuation of, (Glasgow) Prestwick Airport seem to have scant regard for the associated employment. The last thing the airport and Scottish economy need is for the asset to serve as a political football.

Other Scottish airports have, amid the carping from the politically motivated and others who appear to become agitated by the concept of state ownership, expressed more valid points about the importance of the Scottish Government ensuring it does not behave in a way with Prestwick that distorts competition.

However, these lobbying efforts have at times appeared a bit noisy, given there has been absolutely no sign that Scottish Government ownership was ever going to result in the other airports in Scotland’s central belt being faced with unfair competition from a state-owned entity.

You often get the impression that state ownership of Prestwick, which has been and remains crucial to this vital asset until a new owner can be found, may even if anything have held Prestwick back from competing as robustly as it might have been able to do if it were still in the private sector. The Scottish Government appears, if anything, to have gone out of its way to ensure that it is not skewing the level playing field in Prestwick’s favour.

The airport at Prestwick, which has a direct rail link to Glasgow city centre, employs more than 300 people. It says it supports a further 1,700 jobs through its supplier network, and that it currently contributes £61.6 million annually to the Scottish economy. And it notes that more than 4,500 jobs in total are supported by the airport and the surrounding Prestwick aerospace cluster.

This, you would hope, might give some of the airport’s politically or ideologically motivated detractors some food for thought. Sadly, such critics appear not to be moved by these big employment numbers.

Whatever the case, it was interesting this week that the cat seemed to have got many of the detractors’ tongues after the airport’s latest financial results.

In years when the airport was making big losses, even though the Scottish Government’s backing of what is a crucial strategic asset was not only ensuring the airfield’s future but also helping support jobs, the results tended to be greeted noisily by those who would claim public money was being wasted.

However, the airport has now reported profits for three consecutive financial years.

For the year to March 31, 2022, the accounts of TS Prestwick Holdco Ltd published this week show that the airport made pre-tax profits of £1.21 million. Turnover was £35m, nearly double the level of £18.9m in the prior financial year.

In the 12 months to March 31, 2021, the company made a pre-tax profit of £12.79m. However, this included a £5.36m exceptional gain arising from a reversal of previous impairment charges that took into account the airport’s improving performance, the outlook for its future, and clarification of the Covid-19 impact. It also included an £8.265m gain on revaluation of investment properties.

The gain on revaluation of investment properties in the year to March 2022 was £425,000.

For the year to March 2020, TS Prestwick Holdco recorded a pre-tax profit of £5.45m, having made a loss of £3.85m in the prior 12 months.

Of course, challenges remain for Prestwick, which has loans totalling £43.4m from Transport Scotland on behalf of the Scottish Ministers. Interest on these loans amounted to £1.078m in the year to March.

The airport has not received any loans or additional funding from the Scottish Government for more than three years – since it has been profitable.

Passenger numbers in the year to March were, at 118,000, sharply higher than the figure of 47,000 for the prior 12 months and are expected to rise further in the current financial year. However, the airport noted that they were, in the 2021/22 financial year, less than 20% of pre-pandemic levels.

There are now an average of 36 flights per day from Prestwick during the peak summer months, a spokesman for the airport noted this week. This drops to around 15 to 25 during the winter months. Excluding private charters, Ryanair is the only airline currently operating from the airport, the spokesman observed.

In spite of Prestwick’s much-reduced passenger numbers, the results and an accompanying statement from the airport this week provided plenty of room for optimism about the future.

The airport said: “It is the fifth consecutive year of improving financial results and the third year in a row of making a profit – despite continuing economic challenges the airport proved again its strength in delivering diverse services.”

Chief executive Ian Forgie said: “With the full support of the Scottish Government, the new board is focused now on building Prestwick’s core strengths and investing for the future.

“Our masterplan is looking afresh at growth opportunities in cargo, expanding aircraft maintenance and training facilities, the Spaceport programme and delivering our sustainability strategy ambitions.”

Hopefully, the right kind of exciting times are in store for the airport.

In the meantime, it is great to see the airport at Prestwick in the black for three consecutive years. And the underlying performance in the year to March 2022 looks commendable, given the airport had to deal with a very challenging period indeed for the aviation sector amid the coronavirus pandemic.

You get the impression that this will stick in the craw for some of the critics of the Scottish Government’s intervention to save Prestwick. This would be a curious situation if it were the case, given much of the whining has been about a supposed waste of public money.

So you would think these people would be delighted to have seen Prestwick recording a third consecutive annual profit.

Praise, however, appeared somewhat thin on the ground. Perhaps the silence from many quarters from which there was previously noise spoke volumes.”.
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hads
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Re: PIK

Post by hads »

Clive wrote: Thu Nov 17, 2022 5:34 pm
hads wrote: Thu Nov 17, 2022 2:59 pm The debt is underwritten by SG.
Unless a political decison is made to the contrary, the Balance sheet will be supported indefinately
Settled when the asset is sold, no doubt.
Youre not daft. There is almost no chance of recurring capital expended.
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