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Heathrow Airport: Results for the nine months ended 30 September 2017

Direct News Source

26-Oct-2017 Results for the nine months ended 30 September 2017

  • Heathrow delivered strong service and better value for passengers achieving a record Q3 Airport Service Quality score of 4.14 while passenger charges fell 2.1%
  • Passenger traffic grew 3.1% to 59.1 million and cargo increased 10.5% to 1.25 million tonnes
  • Increased travel demand and continued progress on the regulator's cost control objectives resulted in revenues increasing 3.2% to £2,161 million and Adjusted EBITDA up 5.7% to £1,347 million
  • Over 120 sites across Britain have bid to become logistics hubs and help build an expanded Heathrow as the airport looks to promote more affordable and sustainable offsite manufacturing while driving job creation outside the South East
  • Good progress on delivering expansion with the Government confirming a parliamentary vote by the end of June 2018 and Heathrow responding to the CAA's consultation on the expansion regulatory framework

John Holland-Kaye, Chief Executive Officer of Heathrow, said:

"A strong performance over the summer - record numbers of passengers visiting Britain, double-digit growth in exports, strong global investor support and better service and value for passengers - shows what a critical national asset Heathrow has become.

"Heathrow expansion is not a choice between the economy and the environment - it must deliver for both. In post-Brexit Britain, it will connect our whole country to the global growth markets of tomorrow and a robust package of environmental commitments will help us expand responsibly. We are now getting on with delivering it."

At or for nine months ended 30 September

2017

2016

Change (%)

(£m unless otherwise stated)

Revenue

2,161

2,093

3.2

Adjusted EBITDA(1)

1,347

1,274

5.7

EBITDA(2)

1,441

1,272

13.3

Cash generated from operations

1,319

1,220

8.1

Cash flow after investment and interest(3)

364

255

42.7

Pre-tax profit(4)

229

202

13.4

Heathrow (SP) Limited consolidated net debt(5)

12,440

11,908

4.5

Heathrow Finance plc consolidated net debt(5)

13,455

13,005

3.5

Regulatory Asset Base(5)

15,630

15,237

2.6

Passengers (m)(6)

59.1

57.3

3.1

Retail revenue per passenger (£)(6)

8.33

7.83

6.4