Loganair shows a £6.9M profit for the financial year 1st April 2023 to 31st March 2024
Loganair, the UK’s largest regional airline, has posted a further year of profitability with a £6.9M profit for the financial year that commenced 1st April 2023 and ended March 31st 2024. This result, whilst continuing a positive financial trend, demonstrates the challenges experienced by the airline in 2023, especially in relation to operational performance, as it completed the fleet transition programme.
Employing more than 850 people across its network, Loganair flies 36 aircraft across over 60 routes. In the year to March 2024 the airline carried over 1.5m scheduled passengers, as well as operating charter services for the Oil & Gas industry, and delivering on its multi-year contract with the Royal Mail.
Loganair continued to invest significantly during the financial year to March 2024 completing a fleet transition to ATR and retiring its last Saab 340 in January 2024. The larger ATR aircraft present a more comfortable experience for customers including a quieter cabin, more spacious overhead lockers for luggage and increased number of seats allowing the airline to continue to stimulate more tourism into the islands and across Scotland.
Luke Farajallah, CEO, Loganair, said: “Despite the headwinds caused by supply-chain problems, operational disruption, and inflationary pressure in 2023, Loganair generated a healthy return in the financial year ending March 2024. This ensures we continue to operate sustainably, that we have the means to continue investment into our fleet and customer experience, and deliver crucial regional and lifeline connectivity to our customers.
“The financial year ending March 2024 was challenging and the results reflect an environment where many, often industry-wide obstacles had to be overcome. However, and recognising the need to build on positive historic financial performance, and with the advantage of having now completed our fleet renewal programme, our focus in 2024 has been to improve operational performance, and reduce costs including those associated with flight disruption. I am pleased to report that the business has responded very well to the changes introduced, and that we have seen a dramatic reduction in delays and cancellations and their associated costs. Our focus has also been to improve the customer experience, with upgrades to our aircraft cabins, improvements to the website, and Airport processes.
“Our aim going forward is to build on the positive trends seen in 2024, and to set solid foundations for the next phase of growth for the airline. I am confident that future financial performance will reflect the various changes and interventions being made, and that our investors, employees and customers can look forward to a bright future.”