Profits have soared by more than a third at Birmingham Airport after it managed to out-perform the market on passenger growth.
The airport saw after-tax profits increase to £10.8 million in the year to March 31, up from £8 million the year before.
That came after a 3.7 per cent increase in passengers. It saw 8.9 million people pass through it across the year, an improvement on industry average growth of 0.3 per cent. Accounts filed on Companies House by parent group Birmingham Airport Holdings showed turnover rose by 3.4 per cent, to £107.5 million.
The directors’ report states: “The year wasn’t without its challenges for Birmingham Airport with the phased cessation of bmibaby from July and with all their operations finishing in September 2012.
“However, operators quickly stepped in with additional services from easyJet, Flybe and Monarch Airlines picking up the shortfall from the bmibaby demise.”
The airport said carriers Lufthansa, Turkish Airlines and Air France all enjoyed double digit year-on-year growth from the airport last year.
Meanwhile, dividends paid to West Midland district councils – Birmingham, Coventry, Dudley, Sandwell, Solihull, Walsall and Wolverhampton – dipped slightly from £5.9 million to £5.8 million.
Chief executive Paul Kehoe saw his total pay fall from £448,000 to £425,000, while the group wage bill rose from £19.9 million to £21.1 million.
Elsewhere, Manchester Airport posted a £72 million profit last year, it emerged this week, which represented a £20 milliion increase on the previous year.