GLASGOW Prestwick Airport has been taken off the market after the Scottish Government decided not to sell it.
The airport has made a small profit of £12.8 million this year, which includes technical accounting for a non-cash revaluation of assets, recognising an improvement in performance.
The business has shown a steady improvement in performance since the 2016/2017 accounts when operating losses stood at £7.8m.
It also generated a £500,000 operating profit before exceptional items during the last 12 months.
Chief executive Ian Forgie said: “The future of the airport is significantly brighter now than it was five years ago. However, we are realistic that the short-term outlook remains tough with headwinds continuing to impact travel and global supply chains.
“The Scottish Government has restated its long-term commitment to return the Airport to the private sector and having carefully considered bids received under a recent sales process have decided not to proceed with a sale at this time.”
In August this year sources said negotiations with a prospective buyer had stalled over the government’s expectations on price.
It was announced in February that the government’s original preferred bidder – understood to be Glasgow and Aberdeen airport owner AGS – pulled out.
At the time it was not expected that a deal would include repayment of more than the £43.4m owed to the Scottish Government.
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