Heathrow press releases

22 July, 2016

Results for the six months ended 30 June 2016

Grimshaw concept design

 

  • A record Airport Service Quality score of 4.16 reflecting Heathrow’s high service standards. Heathrow is recognised as the leading airport in Europe, receiving for the third time ACI Europe’s ‘Best Major Airport’ award
  • 35.7 million passengers used Heathrow in first six months, up 0.6%. Cargo volumes increased 1.7% with Heathrow’s links to fast-growing economies boosting British businesses
  • Strong financial performance with revenue up 1.0% to £1,320 million and Adjusted EBITDA up 4.4% to £781 million reflecting lower costs and better value
  • While EU referendum result may create some short-term economic uncertainty, Heathrow is a resilient hub with a unique and compelling market position
  • Heathrow to meet or exceed conditions in Airports Commission’s recommendation for expansion which also has overwhelming parliamentary support

 

John Holland-Kaye, Chief Executive Officer of Heathrow, said:

“Heathrow has been named the best major airport in Europe for the third time and I am very proud of the work our colleagues do every day while giving better value to passengers. 

“As the UK’s biggest port, we are supporting businesses from every corner of Britain to get their products to global markets, with cargo volumes up by almost 2%.

“Now Britain needs a positive post-Brexit plan and only Heathrow expansion will help Britain to be one of the world’s leading trading nations – connecting all of Britain to global growth. Heathrow has a new plan for expansion, allowing the Prime Minister to make the right choice in the national interest.”

 

 

At or for six months ended 30 June  

2016 

2015 

Change (%)

(£m unless otherwise stated)

 

 

 

Revenue

1,320

1,307

1.0 

Adjusted EBITDA(1)

781

748

4.4 

Cash generated from operations

700

729

(4.0)

Cash flow after investment and interest(2)

76

88

(13.6)

Pre-tax profit(3)

75

69

8.7 

 

 

 

 

Heathrow (SP) Limited consolidated net debt(4)

11,857

11,745

1.0 

Heathrow Finance plc consolidated net debt(4)

12,804

12,670

1.1 

Regulatory Asset Base(4)

15,007

14,921

0.6 

 

 

 

 

Passengers (m)(5)

35.7

35.5

0.6 

Retail revenue per passenger (£)(5)

7.84

7.32

7.1 

Notes 1-5: see page 2