BAA parent higher after May traffic report, AdP eases, while Fraport gains - Share wrap
BAA's traffic fell 7.3% last month - the 14th consecutive monthly decline - and the operator stated the outlook remains "challenging". Passenger traffic at Heathrow was "resilient", according to BAA, declining just 3.9% to 5.4 million, while volumes were down 19% at the LCC-dominated Stansted. Gatwick's passenger numbers declined 6.5%, reflecting the impact of EU-US open skies liberalisation and the summer schedule.
"No material change" to conditions
Overall, BAA stated demand conditions remained weak, but were "not changing materially". By region, European scheduled traffic was down by 5.2% and North Atlantic traffic by 9.1%, while other long haul routes recorded a collective 1.8% decrease.
BAA stated, "the results in both long haul segments represented slight improvements on recent underlying trends while European scheduled performance was unchanged. Domestic traffic was down by 10.0%, a slight worsening on recent months, but despite falling by 20.5% European charter traffic actually improved on its recent underlying trend".
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Selected airports daily share price movements (% change): 10-Jun-09