Bosses at Gloucestershire Airport have said a £4.7million loss last year was due to much needed runway upgrades.

It said the figure, revealed in its latest accounts, came from "writing off old assets" as part of its capital replacement programme.

The work also saw a dip in the airport's traffic, taking it from the fifth busiest airport in the UK to the 13th.

Figures from the Civil Aviation Authority's Annual Airport Data showed it had 56,707 movements in 2022, compared to 65,009 in 2021.

An airport spokesperson said: "This decrease was due to an expected reduced number of movements while the new runway was being built."

The airport is going through one of the most significant transformations in its history with up to £15million of work being carried out to upgrade and support its operations.

Work to improve the crosswind and main runways  was completed last May and included resurfacing, the installation of new runway lighting, upgrades to signs and drainage and new below-ground infrastructure in readiness for a new radar system.

The spokesperson said: "As part of a capital replacement programme, which includes the runway upgrades completed last year, the airport has been writing off old assets. This programme accounts for the £4.7m figure quoted."

A new vehicular route to the CGX Connect business park site  was also completed with the land now up for sale via Savills.

It is one of several development plots earmarked as part of the airport's 10-year business plan.

The spokesperson said: "The airport has received significant interest in this parcel of land and looks forward to progressing its plans in the coming months.

"These developments will ultimately help improve the airport's revenue stream and enable the airport to continue to invest in and improve its ongoing operations. None of the areas earmarked for development will impact on current operations."

Plans have already been approved for 30,000 sqm of flexible floor space on the CGX site for businesses operating in the logistics and industry sectors, which could create up to 1,500 jobs.

It will sit on land between Anson and Meteor business parks and replace part of the north-south runway which will be closed to make way for the new development.