Post by lodger on Oct 9, 2022 20:27:20 GMT 1
A report today says that
"Scottish brothers Stephen and Peter Bond have put Loganair, the biggest operator of regional flights in the UK, up for sale after owning the business for 25 years."
One wonders what this might mean for the future of Manx skies?
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The Paisley-based firm flies 42 aircraft on 80 routes around the UK, Ireland and Norway, and since the collapse of Flybe, it has been the largest domestic operator flying to non-London destinations. Stephen, 72, and Peter, 61, are understood to be ready to step back from the company after lending it “substantial” financial support during the pandemic.
Having been majority investors in Loganair since 1997, they have appointed Arrowpoint Advisory to handle approaches. Loganair doubled revenues to £161 million in the year to March, rebounding from the pandemic when passenger numbers plummeted. It made an underlying profit that year of £9 million. It is forecasting revenues of £240 million and profit of more than £15 million in the current financial year, with passenger numbers expected to hit 1.4 million. As well as scheduled passenger flights, it has a contract with Royal Mail to fly post, and serves customers in the offshore oil and gas industry.
Peter Simpson, executive chairman, said the company was taking a “cautious approach” to passenger demand but added: “We do see the recovery cycle continuing.”
He said Loganair had recently repaid a Covidera government loan of £25 million ahead of time and was trading “free of any bank debt”. City analysts said the operator could fetch a low valuation, possibly in the low tens of millions.
Added by Admin: There is a similar report, from a different source entered on the Loganair thread for Liverpool Airport:
derbosoft.proboards.com/thread/34289/loganair-route-news?page=6
As the news is equally applicable to both the Isle of Man and to Liverpool Airport, Admin have no issue with the duplication of this report.
"Scottish brothers Stephen and Peter Bond have put Loganair, the biggest operator of regional flights in the UK, up for sale after owning the business for 25 years."
One wonders what this might mean for the future of Manx skies?
==========
The Paisley-based firm flies 42 aircraft on 80 routes around the UK, Ireland and Norway, and since the collapse of Flybe, it has been the largest domestic operator flying to non-London destinations. Stephen, 72, and Peter, 61, are understood to be ready to step back from the company after lending it “substantial” financial support during the pandemic.
Having been majority investors in Loganair since 1997, they have appointed Arrowpoint Advisory to handle approaches. Loganair doubled revenues to £161 million in the year to March, rebounding from the pandemic when passenger numbers plummeted. It made an underlying profit that year of £9 million. It is forecasting revenues of £240 million and profit of more than £15 million in the current financial year, with passenger numbers expected to hit 1.4 million. As well as scheduled passenger flights, it has a contract with Royal Mail to fly post, and serves customers in the offshore oil and gas industry.
Peter Simpson, executive chairman, said the company was taking a “cautious approach” to passenger demand but added: “We do see the recovery cycle continuing.”
He said Loganair had recently repaid a Covidera government loan of £25 million ahead of time and was trading “free of any bank debt”. City analysts said the operator could fetch a low valuation, possibly in the low tens of millions.
Added by Admin: There is a similar report, from a different source entered on the Loganair thread for Liverpool Airport:
derbosoft.proboards.com/thread/34289/loganair-route-news?page=6
As the news is equally applicable to both the Isle of Man and to Liverpool Airport, Admin have no issue with the duplication of this report.