Welsh Government invests £6m in Cardiff AirportStaff Writer | March 23, 2018
Welsh Government is to acquire £6m of shares in Cardiff Airport following news the transport hub has reached its targets ahead of schedule – bringing closer the date private equity might be introduced.
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Economy Secretary Ken Skates said: "This is clearly an investment not just into the airport, but into Wales.
"Our £6m equity injection in exchange of common shares is expected to increase the equity value of the airport by around £12m.
"We would not be investing this heavily if we had not had sound evidence that the airport is succeeding in its plan to move towards profitability.
"Since we acquired the airport, it has seen year-on-year growth in passenger numbers, which are now nearing 1.5 million a year. This is a 9% year on year passenger growth, on top of 16% growth in 2016.
"Performance is ahead of the company’s projections, and the airlines taking off from Cardiff fly direct to over 50 destinations including 9 capital cities, and to over 900 destinations via 11 hub airports.
"This, alongside the launch of Qatar Airways which strengthens Cardiff Airport as a gateway for Wales to the wider world, shows very clearly some of the achievements reached to date." ■