Airport still losing money after public takeover
BBCTeesside's international airport lost more money last year than it did before the coronavirus pandemic.
Its accounts show it made a pre-tax loss of £6.63m in 2024, which is worse than its £4.46m deficit in 2023 and the £5.73m it lost in 2019, the year it was bought by the Tees Valley Combined Authority.
In the company's results, managing director Philip Forster said TIA was developing other revenue sources to reduce its reliance on "passenger-related elements" of flying.
Such work would include "ground-handling and fuelling to commercial, general aviation and military customers", he said.
Despite its losses, the airport continued to enjoy strong sales and posted its second highest turnover in more than a decade at £14.91m.
In March 2019 its turnover had stood at just £7.56m.
In the company accounts, Mr Forster said the airport had struck a number of deals to bring new routes to Teesside throughout the year.
This included TUI reintroducing flights to Dalaman in Turkey for 2024 and Ryanair running additional flights to Palma de Mallorca, Faro and Corfu during the summer.
The airport is also looking to grow its income from its land and assets and has invested in a new 26,995-sq ft (2,508-sq m) hanger, which will soon house aircraft painting company Airbourne Colours.
It also built its first unit at its £200m Business Park South site and has appointed Colliers and Aviation Real Estate Advisors to act as commercial agents for the park.
TIA has also worked to expand its freight handling business and has invested in a new hangar that can provide security screening and freight forwarding services.
Logistics firm FedEx also signed a five-year deal for an airfreight handing facility at the airport.
The Tees Valley Combined Authority has been contacted for comment.
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