Press Release

Gatwick Airport Limited results for the year ended 31 March 2011

27 June 2011


(Gatwick Airport Limited (“the Company”) is the owner and operator of Gatwick Airport (“Gatwick”))

  • Traffic growth returning, up 1.1% over last six months
  • Significant improvements in operational performance and customer service
  • Solid financial performance despite traffic disruption in first six months
  • Turnover flat at £476.3 million despite 2.3% decrease in traffic
    • EBITDA (pre-exceptional items) up 12.2% to £189.4 million reflecting cost savings
  • Capital programme delivering new and improved facilities, investing >£20m / month
  • Successful £1.5 billion refinancing completed in March 2011
  2011 20101
Change
Passengers (millions)  31.6  32.4  (2.3%)
£m      
Turnover  476.3  475.4  0.2%
EBITDA (pre-exceptional items) 2  189.4  168.8  12.2%
Capital Expenditure  211.4  181.9  16.5%
Regulatory Asset Base  1,985,5  1,744.6

 13.8%

 
Net Debt 3  1,184.3  763.2  55.2%

 

 

 

 

 

 

 

 

  1. Comparatives shown are unaudited management accounts for the 12 months ended 31 March 2010. The Company changed its balance sheet date in 2010 and the audited comparatives in the Company’s financial statements are for the 15 months ended 31 March 2010.
  2. Earnings before interest, tax, depreciation and amortisation, and before ‘operating costs – exceptional’
  3. The Company’s net debt and Regulatory Asset Base are shown as at 31 March 2011.

 

Stewart Wingate, Chief Executive Officer of Gatwick Airport, said:

“We delivered strong performance in our first full year of new ownership despite the challenging environment and extraordinary events that affected major airports across Europe.

Resilient passenger traffic combined with our relentless focus on cost efficiency helped us achieve solid financial results. We also successfully refinanced the business, enhancing our capital structure and establishing a strong liquidity position.

We worked in partnership with the airlines to re-scope our near £1 billion capital investment programme, which is now being delivered with greater efficiency and pace. Passengers and airlines are already benefiting from new, modern facilities and we are currently investing around £20 million per month.

Operational performance and service standards have also improved significantly which is helping Gatwick compete to grow and become London’s airport of choice.”

Media enquiries: Andrew McCallum 01293 505000

Investor enquiries: Ben Nolan 01293 502589

 

Download a copy of our annual report 2010/11 and results presentation.

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