BAA puts a bad year behind

BAA Ltd, owned 100% by the Spanish Ferrovial consortium, saw its pre-tax loss widen to £821.9m last year from £324.2m in 2008.  Of this sum £217.8m related to increased pension scheme deficits and £277.3m in losses related to the sale of Gatwick.  Looking at the detailed figure the fascinating results show that whilst airport passenger numbers dropped appreciably (except for Heathrow – down only 1.5%) the retail performance increased, a bi-product of the weakness of Sterling (what was on offer proving to be very competitively priced), and Heathrow’s continuing importance as the world’s number one international hub. www.baa.com

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