The SaxaVord facility on the Shetland island of Unst, part of the business empire of Danish billionaire Anders Holch Povlsen – Scotland’s richest man and its biggest private landowner – saw losses edge up from £5.1m the previous year, despite a 32% rise in revenue to £2.5m.

Annual accounts for Shetland Space Centre, the company that operates SaxaVord, were lodged at Companies House this month. Directors acknowledged the figures reflected the reality of a business still in its development phase, noting that the group “has incurred cumulative losses to date” as it works through its build programme.

Housed on the site of a former RAF base, SaxaVord has long harboured ambitions to become the first UK spaceport to place a rocket into orbit. Those ambitions, however, have been repeatedly set back by delays.

Currently only one of three planned launchpads has been constructed, though the accounts express confidence that multiple launches will take place in 2026. Directors stated that the spaceport is “fully functioning” and that clients have already booked launch slots for both orbital and suborbital flights during the year.

To fund the construction of the remaining infrastructure and cover operating costs until commercial revenues increase, the company is undertaking a capital-raising exercise it expects to complete by mid-2025. The directors confirmed they are in negotiations with several launch service providers to secure commercial contracts for the two remaining launchpads.

The news comes against a difficult backdrop for the broader UK space sector. Scottish rocket developer Orbex entered administration earlier this year despite receiving substantial backing from both the UK government and the Scottish National Investment Bank.

Orbex had been planning to launch from SaxaVord and had previously shelved its own plans for a rival spaceport at Melness in Sutherland – a project that had drawn opposition from Mr Povlsen, who owns estates in the surrounding area. He holds a majority stake in Shetland Space Centre through Wildland, his principal Scottish business vehicle.