TBI forecasts growth despite profits fall

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UK airport operator TBI, that operates London Luton, Belfast and Cardiff airports, said pre-tax profits to the end of September fell 23% to £18m ($28.5m), before exceptionals

But the group said the business could be on the verge of fresh growth as its customer profile changes and business emerges from low-cost carriers.

Most of the deficit in the period came as Belfast International airport lost its British Airways flights and bmi scaled back.

But low-cost airline passengers went from 25% of all passengers last year to almost 50% in the year to date. At Luton airport, low-cost passengers, mainly from easyjet, were 70% of the total. TBI said the growth of this type of customer would present opportunities to the business over time.

TBI said: "While the development of new routes and the attraction of new operators to our airports offer the prospect of growing revenues and earnings in the medium term, the reduction in revenues and earnings during this period reflects the significant loss of traditional scheduled traffic."