28-Apr-2011 12:33 PM

BAA revenue up 6%, adjusted EBITDA up 15% in 1Q2011

UK’s BAA revenue up 6% - financial highlights for the three months ended 31-Mar-2011:

  • Revenue: GBP481.5 million, +5.6% year-on-year;
    • Aeronautical: GBP252.5 million, +5.8%;
      • London Heathrow: GBP228.4 million, +7.3%;
      • London Stansted: GBP24.1 million, -6.6%;
    • Retail: GBP110.7 million, +7.4%;
    • Other: GBP118.3 million, +3.5%;
  • EBITDA: GBP22.5 million, +59.2%;
  • Adjusted EBITDA*: GBP200.9 million, +15.4%;
  • Profit (loss) before tax: (GBP211.5 million, compared with a loss of GBP195.5 million in p-c-p;
  • Passenger numbers: 18.7 million, +0.6%;
    • London Heathrow: 15.0 million, +2.5%;
    • London Stansted: 3.7 million, -6.6%;
  • Net retail income per passenger: GBP5.51, +7.0%;
    • London Heathrow: GBP5.91, +7.3%;
    • London Stansted: GBP3.87, +2.0%. [more]

* Before exceptional items

BAA: “Trends currently particularly relevant include a slower shift to large aircraft and a stronger focus on more spacious premium cabins than volume growth in economy class. The review also incorporates the effects of sustained higher oil prices and aviation taxation. The review's preliminary conclusion is that although passenger traffic will continue growing at Heathrow over the coming years, it will do so at a more modest pace than previously assumed. This view is consistent with recent airline feedback but remains subject to further consultation with Heathrow’s airline community,” Company statement. Source: BAA, 27-Apr-2011.