Yesterday's news that Kiwi conglomerate Infratil, the owners of Chas 'n' Dave Margate International Airport, have reported a NZ$31m loss for the first six months of their financial year has cast a serious questionmark over their continued commitment to the 9,029 foot strip of concrete that sits on top of our lovely aquifer.Infratil's portfolio includes energy, buses, and, of course, airports. In Europe, they have just sold Lubeck Airport in Germany back to the local authority, Prestwick in Scotland is suffering from much reduced passenger numbers, and Manston is losing £4m a year. The firm is currently in a joint venture to buy Shell's network of service stations in NZ to facilitate, according to Infratil boss Marko Bogoievski, the sale of more meat pies.
Although Infratil says it doesn't need any more dosh to complete that purchase, its investors are already expecting it to divest Prestwick and C 'n' DMIA in the near future and concentrate on core business activities such as energy assets in NZ and Oz. According to no less an authority than NZX, the New Zealand Stock Exchange, Bogoievski sent out 'a clear signal' at Monday's results meeting 'that non-energy assets, with the exception of Wellington Airport, could be sold'. The commentary on the NZX website continues:
Forsyth Barr head of research Rob Mercer said he expected Infratil's two problematic British airports, Glasgow Prestwick and Kent, would be sold within 12 months. Infratil's shares were trading at about a 30 per cent discount to net asset value of $2.25, indicating that the market had lost confidence in the company's ability to grow net tangible assets over the next 12 months.
The shares closed yesterday at $1.51, down 3c. The discount was equal to $480m, representing the combined value of the British airports, New Zealand Bus and 32 per cent owned Energy Development.
So, putting my wildly speculative hat on, if our beloved airport is sold, who's going to buy it? Another airport operator? Or would two operators in ten years unable to make a go of it convince prospective buyers that it's not a viable business? Is Infratil's current application to instigate night flights a cunning plan to beef up the sale price? And if it's not viable as an airport, what's Plan B? A business park? A world centre of eco-energy excellence? I think we should be told!
Click here to read more on NZX website
33 comments:
If Manston had permission to schedule QC4 night flights it would make it a unique asset in the UK - which other local authority has allowed it? None. Why? Because it's a stupid idea.
At least you have kept to the facts this time lol. Though the questions you ask instead are as pie in the sky regardless of fact
Not quite sure what you mean by 'this time', 1:50pm. I have never reported anything on this blog as 'fact' if it hasn't been confirmed as such.
The clue, oh clueless git, is that if it's not fact it will have the words 'rumour', 'gossip', or 'unconfirmed report' in it somewhere. That should be clear enough even for a self-evident numpty like you!
obviously not clear enough for Euroferries legal team ;-)
Manston doesn't want to 'schedule' night flights in, just have the option of being available if needed for late arrivals.
You might say that, 3:04pm. I, on the other hand, couldn't possibly comment.
3.11pm, if manston does not want scheduled flights between 11pm and 7am, perhaps they should actually stipulate that in their request?
TDC have seen straight through what Infratil are asking for and so have the people of Thanet. Night flights, scheduled or not, are not welcome.
TDC will give the airport permission to fly 24/7 and then buy it themselves. If they can own a port than why not an airstrip?
TDC can't afford the paper to wipe their own arses, let alone £50,000,000 plus to purchase a failed airport.
KCC might. Now where is that £50,000,000 we put away for a rainy day...........
what do you call a New Zealander with a personality?
An Australian.
"The plan is to hold down costs and await recovery" say Infratil. Hmmm. Doesn't sound to me as if that much vaunted £2m investment in radar is going to be happening any day soon.
Moving back to the other transport story, and sticking to facts, has the fast ferry service started? I have tried to book on their website but I just get "no sailings found".
Let's face it, Manston is a money-pit. Owner after owner has thrown money into it and seen nothing in return. Time for TDC and KCC to stop flogging a dead horse and to come up with some acceptable alternatives for the site. If they'd done that ten years ago we'd probably have had a massive business park there by now employing hundreds if not thousands.
Lets get rid of the worthless airport; and put busines parks and houses on it instead!
There. Problem solved, everyone happy! But no bungs to the Councillors for creative planning applications. So. It won't happen!
Thank you money grubbing Councillors!
Wouldn't it be interesting to know who supplied the council with £50K's worth of carpet? Someone should bung in an FOI, methinks!
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Oh dear god, not another FOI request that would just be great for TDC who would be carping on about the costs!!
Talking of costs just how much would Infertile have to spend on infrastructure costs up at Manston? 20 million + perhaps?
The £2m on radar was indeed spent and installed... so they may not be shutting up shop as speculated.
Anything is possible with an old airfield. Its taken 20 years but Kings Hill has a contemporary, yet established, residential community with homes built in a distinctive Kentish style. It has grown into a thriving, 'complete' village with a mix of homes, employment, retail, education, sports and leisure facilities. Walking or cycling to work is popular and there is good public transport as well as wider transport links to London, Europe and beyond. Housing development is by selected private developers, chosen for their design integrity.
I know its closer to London but with the new rail link and road dedvelopent why not in Thanet?
8.30am. £2mm has not been spent on radar. I quote Infratil's press release on 12th October 2009;
"Work to design the radar specification, gain regulatory approval and procure, install and flight-test the equipment will be undertaken over the next two years."
They are not investing any money in Manston.
If they've been good boys this year, maybe Father Christmas will pay them a visit.
If Kent were to turn one of its old RAF airfields into a major international airport, Kings Hill was the one. Closer to London, surrounded by catchment area towns, it would have been ideal.
ECR, you fail to mention that Manston has failed during a period of unprecedented aviation growth in Europe, specifically in regional airports and budget airlines.
The full Infratil statement...I would suggest some money has had to be paid up front...plus the other £10m quoted:
A £2 million pound investment has been made in the radar systems at Manston’s Kent International Airport.
The upgrade is to secondary radar equipment which will allow staff to monitor aircraft speed, location, travel direction and height of aircraft in flight in greater detail.
Matt Clarke, the airport’s chief executive, said: “We are focused on delivering a world-class airport for Kent complete with world-class service, equipment and facilities.
“Installing our own secondary radar system is the latest example of the programme of investment that will deliver that long-term goal.”
Infratil, the owner of Kent International, took over four years ago and says it has been engaged in a comprehensive and long-term programme of replacements and upgrades
Other recent additions to the air-traffic services including upgraded direction-finding equipment, airport information management systems (AIMS), meteorological sensors and radar screens.
Infratil says it has spent £10 million on infrastructure and equipment upgrades since acquiring the airport.
The SSR will replace the existing externally-provided service to supplement the information gathered by the airport’s existing primary radar and is part of a range of activities designed to ensure that airport radar coverage is not affected by offshore wind-farms.
Work to design the radar specification, gain regulatory approval and procure, install and flight-test the equipment will be undertaken over the next two years.
There has not been a penny invested in a new radar system at Manston.
The only surefire thing about money at Manston over the next 12 months will be a big, red £4,000,000 on its bottom line
12:46 - you seem well informed. When will Infratil go live and public with the radar so we can see, in real time, why a sodding great jumbo is powering full throttle over Ramsgate on a calm Sunday evening?
A period of unprecedented aviation growth in Europe??
Rubbish.
I have made the point before that the college should locate onto the Airport site. Just ditch the idea that the airport can be a thriving business place. We have held onto that dream for way too long. Get the college on there and it will be ideally placed not just for Thanet students but also those travelling from Herne Bay and beyond.
5.54pm, if you look at the facts, you'll see double digit growth in passenger numbers and the creation of easyjet, emergence of ryanair and the "weekend in prague" all happen since the M.O.D. left manston. While stansted, to name but one, prospered, manston failed. Twice, so far...
Easyjet loss: £57.5million announced yesterday.
Ryanair net loss: £146 million.
Heathrow about t announce thousands of redundancies.
BA losses:£401million.
Air France/KLM losses: 147millions euros.
I could go on but point seems to be made.
Do keep up 6.43pm.
The window of opportunity for Manston was several years ago. It has now closed and the airport is in the final death-throes. Lydd will be authorised in January and major expansion of Gatwick will be possible in less than ten years. With the recession putting a lid on aviation growth for some time to come there is no market for Manston to aim at.
There are no Public Safety Zones at Manston Airport and the firework manufacturers, Theatrical Pyrotechnics, are based there. Anyone else think that's a big safety no-no??
Me. I do.
whats a pubilic safety zone??? and isn't the theatrical pyro maker in a field well to the north of the i.e not in the airport. You may as well say theres a chap who keeps a tank with a big gun in the museum BY the airport and thats a safety no no.....but it isnt is it !
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