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1 JULY 2013

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Article from BTNews 1 JULY 2013

Gatwick profit and loss

Business travellers should not be too alarmed as the London airports make out their cases for the Airport Commission to consider, and rather like the airlines, say how hard done-by they are.

Gatwick will be submitting its final suggestions to ‘Davies’ over the next couple of weeks which will include a second runway.  The £5bn project can be funded privately according to the airport’s CEO, Stewart Wingate.  Gatwick is owned by a consortium led by Global Infrastructure Partners, an investment manager, and the Abu Dhabi Investment Authority, the sovereign wealth fund.

Gatwick reported revenue of £538.9m for the year to 31 March, up 4.2% compared with 2011-12, and earnings before interest, tax, depreciation and amortisation of £227.1m, up 2.5% as operating costs increased faster than sales.  The airport’s pre-tax loss narrowed from £48.6m to £28.3m.

Mr Wingate has put himself on something of a collision course with easyJet, the largest airline at Gatwick, by rejecting its call for a real terms cut in the charges that the airport levies on carriers for using its facilities.  These are determined by the CAA. 

Mr Wingate raised strong doubts that a third runway could be built at Heathrow because of environmental and noise issues. www.gatwickairport.com

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