London Heathrow Airport 1H2021 revenue down 51.1% year on year

London Heathrow Airport reported (26-Jul-2021) the following financial highlights for 1H2021:

• Revenue: GBP348 million, -51.1% year-on-year;
  • Aeronautical: GBP169 million, -57.5%;
  • Retail: GBP50 million, -60.7%;
  • Retail concessions: GBP17 million, -73%;
  • Car parking: GBP9 million, -65.4%;
  • Catering: GBP6 million, -53.8%;
• Cash from operations: GBP177 million, -39.8%;
• EBITDA (loss): (GBP8 million), compared to a loss of GBP152 million in p-c-p;
• Adjusted EBITDA (loss): (GBP33 million), compared to a profit of GBP222 million in p-c-p;
• Profit (loss) before tax: (GBP868 million), compared to a loss of GBP1059 million in p-c-p;
• Net profit (loss): (GBP917 million), compared to a loss of GBP998 million in p-c-p;
• Total assets: GBP18,864 million;
• Cash and cash equivalents: GBP286 million;
• Total liabilities: GBP24,444 million.

Cash burn was reduced by over 50% compared to the same period in 2019, with operating costs and capex reduced by 35% and 77% respectively. Liquidity has been increased to GBP4.8 billion since the start of the pandemic, while cumulative losses during the period are at GBP2.9 billion. [more - original PR]