23-Feb-2012 1:21 PM

BAA adjusted EBITDA up 17% in 2011, expects strong growth in 2012

UK’s BAA revenue up 10% - financial highlights for 12 months ended 31-Dec-2011:

  • Revenue: GBP2280 million, +9.9% year-on-year;
    • Aeronautical: GBP1276 million, +14.5%;
    • Retail: GBP518.6 million, +8.9%;
  • Adjusted EBITDA: GBP1132 million, +17.1%;
  • Profit (loss) before tax: (GBP255.8 million), compared to a loss of GBP316.6 million in p-c-p;
  • Passenger numbers: 87.4 million, +3.7%;
  • Net retail revenue per passenger: GBP5.58, +5.5%;
    • London Heathrow: GBP5.95, +5.3%;
    • London Stansted: GBP4.16, +3.4%;
  • Net assets: GBP241.6 million, -62.0%;
  • Cash at bank and in hand: GBP12.2 million, +100%. [more – original PR]

BAA: “This year is expected to see strong growth in turnover, Adjusted EBITDA and operating cash flow driven principally by increases in aeronautical tariffs. Heathrow also intends to make significant progress on the construction of the new Terminal 2 with capital investment forecast to increase materially on 2011. Passenger traffic in early 2012 has been consistent with expectations with Heathrow achieving record traffic in January. Therefore at this stage the outlook for the Group’s financial performance in 2012 remains consistent with guidance in the Investor Report distributed in December 2011.” Source: Company statement: 22-Feb-2012.

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