Heathrow Airport recorded profit in 2023 for first time since pandemic
London Heathrow Airport posted an adjusted pre-tax profit of £38 million (€44.3 million) in 2023 for the first time since the pandemic due to a rebound in international travel.
According to Heathrow, its total turnover last year was £3,687 million (€4,305 million), up 26.6% on 2022.
The results come after the Spanish company Ferrovial reached an agreement last November to sell its stake in Heathrow – London’s main airfield by passenger volume – to the investment fund Ardian and the Saudi sovereign wealth fund Public Investment Fund for 2,735 million euros (2,368 million pounds).
Ferrovial held 25% of the share capital of FGP Topco, parent company of Heathrow Airport Holdings Ltd.
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In the note released, Heathrow reveals that up to December 31, 2023, it experienced a 28.6% jump in the number of passengers passing through its terminals, to 79.2 million.
The airport anticipates record passenger numbers for 2024, predicting an estimated increase to 81.4 million this year.
2019, before the Covid-19 health crisis erupted, was the busiest year for the airport, with 80.9 million passengers.
Heathrow admitted Wednesday that its results have been affected by “the huge challenge on costs” because of the British aviation regulator, which does not allow airport charges to be raised further.
The airfield’s new CEO, Thomas Woldbye, said in the statement that 2023 “has been a good year for Heathrow, from a challenging start to a great finish” and noted that it has delivered “much improved customer services” as well as managing to “turn (the results) around to a small profit after three consecutive years of losses.”
“This is a great platform from which to build, although in 2024 we expect to get even better service for more passengers, but with a 20% reduction in real terms in airport charges,” he said.
The executive considered that it will be necessary to “press all the keys to be more efficient and make tough decisions on where to spend and invest money to overcome the huge challenge in costs set by the British Aviation Authority and remain profitable over the next three years”.
With information from EFE
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