Business

Refinancing deal at City Airport scotches sale speculation

Last year was steady for business at George Best Belfast City Airport
Last year was steady for business at George Best Belfast City Airport Last year was steady for business at George Best Belfast City Airport

A MULTI-million pound refinancing deal has been completed at George Best Belfast City Airport, scotching rumours that the facility may be put up for sale.

The airport, whose ultimate controlling company is Eiser Infrastructure Partners (LLP), secured fresh borrowing facilities of £46 million last month.

That comes alongside an additional £30 million being injected, split equally between increased share capital and a loan.

And the company says is now has "sufficient funds to settle all its liabilities as they fall due".

Details of the refinancing are contained in the airport's profit and loss statement filed at Companies House.

It shows that turnover at City Airport in 2014 increased marginally to £19.8m from £19.77m a year earlier.

Passenger numbers were also up slightly, with the airport carrying 2.56 million in 2014 compared to 2.54 million across the previous 12 months.

A rise in operational costs and interest repayments rates saw operating profit fall 7 per cent to £2,386,000 as a result.

After interest payments and similar charges, the bottom line profit for the year came in at £962,000 against £1,231,000 a year earlier.

During the year the directors paid a dividend of £3,128,000.

The City Airport’s chief executive Brian Ambrose said: “2014 was a steady year for the business, with Flybe commencing services to London City which partially off-set the loss of the airline’s Gatwick route. Aer Lingus increased its capacity on the Gatwick and Heathrow services."

He added: “We expect 2015 to be a record year in terms of passenger numbers and profitability with the arrival of KLM to Amsterdam and Vueling to Barcelona plus further expansion of the Flybe network which witnessed the commencement of the route to Liverpool.

“We will continue to invest in our infrastructure in 2015 aimed at improving still further the customer experience with significant capital investment and are confident of growing our direct European network.”