Leading regional carrier Loganair (LM/LOG) has shown continued resilience in the domestic travel market posting a profit of £6.9m in its latest financial results.
The profit shows a continued trend for the airline and comes despite Loganair completing its fleet transition to an ATR operation and retiring its Saabs during the period, which resulted in higher costs.
Luke Farajallah, CEO, Loganair, said: “Despite the headwinds caused by supply-chain problems, operational disruption, and inflationary pressure in 2023, Loganair generated a healthy return in the financial year ending March 2024. This ensures we continue to operate sustainably, that we have the means to continue investment into our fleet and customer experience, and deliver crucial regional and lifeline connectivity to our customers.
“The financial year ending March 2024 was challenging and the results reflect an environment where many, often industry-wide obstacles had to be overcome. However, and recognising the need to build on positive historic financial performance, and with the advantage of having now completed our fleet renewal programme, our focus in 2024 has been to improve operational performance, and reduce costs including those associated with flight disruption. I am pleased to report that the business has responded very well to the changes introduced, and that we have seen a dramatic reduction in delays and cancellations and their associated costs. Our focus has also been to improve the customer experience, with upgrades to our aircraft cabins, improvements to the website, and Airport processes.
“Our aim going forward is to build on the positive trends seen in 2024, and to set solid foundations for the next phase of growth for the airline. I am confident that future financial performance will reflect the various changes and interventions being made, and that our investors, employees and customers can look forward to a bright future.”
Loganair is a key employer, particularly in Scotland, and employs over 850 people directly across its network of 60 routes. In the year from April 2023 to March 2024 it carried 1.5 million passengers on its 36 aircraft fleet.
Loganair also operates a charter service for the oil and gas service and a key role in carrying post for Royal Mail.
