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Heathrow (SP) Ltd, the owner and operator of London Heathrow airport, on Wednesday reported lower revenue and adjusted earnings, despite a strong increase in passengers passing through its arrival and departure gates.
Heathrow said adjusted earnings before interest, tax, depreciation and amortisation was £1.54 billion in the nine months that ended September 30, down 9.7% from £1.70 billion a year before, as revenue declined 3.2% to £2.65 billion from £2.74 billion.
Pretax profit, which includes non-cash fair value gains and losses on investment properties and financial instruments, was up 13% to £696 million from £618 million.
Heathrow said it handled 63.1 million passengers in the first nine months of the year, up 6.2% from 59.4 million a year before. In response, it raised its forecast for 2024 passenger numbers to 83.8 million.
Heathrow said it enjoyed ‘consecutive record-breaking weeks’ for passenger numbers over the summer, thanks to the Paris Olympics and ‘iconic music stars passing through the UK’, referring to Taylor Swift. On July 24, it had its busiest day ever for departures, and on September 2, its busiest day ever for arrivals.
The company said it will have invested more than £1 billion in the airport during 2024. It said no dividends to owners are currently forecast for the year, but ‘it is probable subject to financial performance’.
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