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NEWS Last modified on November 20, 2014

London Gatwick posts impressive mid-year results

London Gatwick has delivered its mid-year results which it says are in line with expectations as a record-breaking year of performance while growth “underlines the airport’s expansion credentials”.

Turnover was up 8.6% to £391.6 million (€488 million), combined with carefully controlled cost management, resulted in EBITDA up 12.7% to £221.6 million (€276 million) and a profit before tax of £122.4 million (€152 million).

Gatwick has seen the busiest six months in the airport’s history with 22.5 million passengers, an increase of 8% or 1.7 million passengers, and growth it says was a combination of “more planes, bigger planes and fuller planes” – as load factors have increased to 86.1%.

There was a rise across a broad range of travel markets with long-haul traffic, European business routes and emerging markets combining to fuel a record-breaking year.

Gatwick says its £1 billion investment programme continues with £90.5 million (€112 million) invested over the last six months, with major improvements including to North and South Terminal departure lounges and retail facilities, which have contributed to a 4.5% increase in income per passenger.

Stewart Wingate, CEO of London Gatwick, says: “Gatwick’s record-breaking year is testament to the significant investment made in improving the airport for passengers, and the benefits of greater competition in the London market.

“Nearly five years of independent ownership have seen growth of five million more passengers and we are attracting new routes across the board - from low-cost carriers and European business travel, to long haul providers and emerging markets.

“There is huge momentum behind the airport, both in passenger growth and the increasing recognition that Gatwick is the most credible, deliverable choice for the UK’s next runway.

“But time is not on our side. Gatwick’s success and continued rate of growth means we are now unable to meet demand across much of the year and are just a few years away from hitting full capacity, ahead of earlier forecasts.

“The capacity crunch facing Gatwick underlines the urgent need for a new runway. This time next year we will know which airport is chosen for expansion.

“Gatwick offers the compelling, credible option of a new runway that can actually be built, compared to an undeliverable Heathrow scheme and the threat of another report on airport expansion simply sitting on the shelf.”

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