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Owner of Glasgow Airport double profits

ASG Airports, owner of Glasgow and Aberdeen Airports, doubled its profits last year despite seeing a fall in revenue following the oil and gas downturn.

The company, founded in 2014 as a joint venture between Faero UK and Macquarie Infrastructure and Real Assets (MIRA), posted revenue of £197 million for the year to December 31, down from £201m the previous period, which ran from the company’s creation in September 2014 until the end of 2015.

ASG Airports posted pre-tax profit which doubled to £26m as a result of cost-cutting measures. The company made a £4m taxation gain.

A total of £112m of the revenue came through Glasgow Airport, up from £107m in the previous period. The airport generated £53m from airlines, £39m from retail, £12m from property and facilities, and £8m from other areas.

John Bruen, managing director of MIRA, said: “Higher passenger levels at Glasgow were driven by increased capacity provided by both new and existing carriers, and increased passengers at Southampton reflects growth in domestic traffic and an increase in international traffic.”

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