The latest business plan report for Teesside Airport confirms that it has seen a loss of £13.8 million in the previous financial year.
The airport's boss says the pandemic has had a devastating impact on the aviation industry as a whole with UK airports having lost around £4 billion up to 2020.
Due to be presented to the Tees Valley Mayor and Combined Authority Cabinet later this week, the report shows the airport was on track to meet and surpass its pre-pandemic targets with revenues hitting £30.5million by 2025.
Phil Forster says the airport's hoping to turn a profit within three years, two years sooner than forecast.
Phil Forster, Managing Director
Owners say its sooner-than-thought success has been down to securing a low-cost carrier earlier than expected, as well as growing five more domestic and international flights since its acquisition than originally accounted for.