'For sale' Scottish airline turns profit for first time since pandemic
Loganair's audited accounts set out a profit before tax of £4.98m on a turnover of £161m.
news.stv.tvHere’s the latest I can share based on recent publicly available reporting up to mid-2023 and notable subsequent references.
Direct answer
- There has been periodic media coverage noting that Loganair has considered a sale in the past, but ownership has remained with its founders since those discussions began; more recent reports indicate the owners paused or halted the sale process for the foreseeable future. This reflects Loganair’s ongoing focus on fleet renewal, service contracts, and profitability after the pandemic.
Context and key details
- Ownership status: Historically, Loganair has been owned by the Bond family (Stephen and Peter Bond) and has intermittently explored sale talks. In late 2022 and 2023, reports suggested the sale process had been paused or halted, with the owners continuing to run the airline. This aligns with coverage noting the sale suspension and renewed commitment to development as of those periods. [Sources referencing sale pauses and continued ownership: STV News, BBC Scotland coverage, Airport Technology summary][1][3][4]
- Financial performance: Loganair has reported profitability in the post-pandemic period, with audited results showing profit before tax around £4.98 million on turnover near £161 million for the year ending March 31, 2022, helped by contract work and diversification strategies. This is repeatedly cited in regional reporting.[2][4]
- Fleet and modernization: The airline has embarked on a fleet renewal program (phasing out Saab 340s in favor of ATR 72-600 Next Generation turboprops) and a multi-million-pound onboard refurbishment program for Embraer 145 aircraft, as part of broader modernization and efficiency efforts.[3][4][1]
- Strategic contracts: A notable element of Loganair’s profitability has been its expanded contract work, including Royal Mail Highlands and Islands air services and other charter/contract activities in support of energy industries in Aberdeen and other regions. These contracts have been highlighted as key to its resilience and growth.[4][2]
Potential implications for travelers and investors
- For travelers: Fleet modernization and ongoing service contracts generally aim to improve reliability and capacity in regional connectivity across Scotland and the UK. While external ownership questions have been a topic in the past, operational continuity has been emphasized in reporting.[1][2]
- For investors/partners: The pause in sale discussions suggests a focus on internal development and profitability, though ownership dynamics could still change if strategic considerations evolve. Observations in regional outlets indicate the market has been watching these developments, with attention to profitability and fleet upgrades as indicators of long-term viability.[2][3]
Would you like me to pull the most up-to-date, specific news items from a current date source and summarize any recent developments with exact dates and quotes? I can also provide a short timeline of the sale discussions and major operational milestones if that would help.[3][1][2]