SOUTHEND Airport has gone from being a pipe dream to driving the fortunes of the Eddie Stobart business empire in three years.

When the haulage firm snapped up the jaded business for £21million in December 2008, many industry experts thought it was little more than a speculative punt.

But Stobart bosses have now revealed the airport has more than quintupled in value and will cater for one million passengers over the next 12 months.

Following the launch of ten new flights since the start of April, chief executive Andrew Tinkler described it as the “jewel in the Stobart crown”.

He said: “Last year it was a plan and this year it is reality.

“The latest phase of the redeveloped, refurbished and relaunched airport, arguably the jewel in the Stobart crown this year, has been completed in time for the Olympics and within budget.”

Stobart Group has invested more than £100million in the airport, including a new control tower, railway station, terminal and extended runway.

Last summer, it announced a ten-year deal with easyJet to base three aircraft in the town permanently.

That was followed by a new deal with Aer Lingus Regional to launch flights to Dublin and onward connections to the US.

The airport has also created hundreds of new jobs and is still recruiting for dozens of roles, ranging from firefighters to air traffic control.

Bosses now estimate the business is worth £115million and say its value will continue to rocket.

Stobart Air, the group’s aviation branch, recorded a £400,000 loss between March 2011 and February 2012 as the firm ploughed money into the airport’s renovation.

But Mr Tinkler, who oversaw total revenues of more than £550million over the same period, said the business was now in a position to fully capitalise on its investment.

He said: “The airport now serves 13 European destinations with a direct, frequent rail service to the Olympic Park and Liverpool Street.”