Uncertainty over £45m CoDA value

City of Derry Airport (Lorcan Doherty Photography)
City of Derry Airport (Lorcan Doherty Photography)

The Local Government Auditor Pamela McCreedy feared uncertainty over the Derry to London Public Service Obligation route could affect the value of airport assets, estimated at £45m last year.

In her Audit Report 2019, she wrote: “The key concern is the uncertainty in respect of sufficient funding for the London airport route. Should these going concern issues crystallise, then there may be a significant impairment on the carrying value of airport assets (£45 million as at 31 March 2018).”

The issue was resolved for the short term when in February British Transport Secretary, Chris Grayling, renewed the PSO for a further 2 years, until May 1, 2021.