Loganair returns a profit after 'two tough years'

Scottish airline Loganair has reported a return to profitability following two years of losses. The Glasgow-based company said it made a GBP4.98m profit before tax in the financial year to 31 March, with a turnover of GBP161m. It said the Covid pandemic hit its finances in the previous two years. Loganair is the UK's largest regional airline and its services include a number of lifeline routes backed by public funding. But it said subsidies from these Public Service Obligation (PSO) routes accounted for less than 5% of its turnover. The company, which was put up for sale earlier this month, said its charter and contract operations had played a part in its return to profitability. This included expanding a contract in support of the energy industry at Aberdeen, while the airline also secured work to provide charter services for several major football and Rugby SuperLeague teams. Earlier this year, Loganair also started work on a five-year contract providing Royal Mail's Highlands and Islands air services. CE Jonathan Hinkles said: "The efforts of every member of Loganair's team throughout the pandemic, and the diversified nature of our business, have enabled the airline to return to profitability far sooner than many of our UK airline industry peers. "It has, without doubt, been an incredibly tough two years."<br/>