Heathrow press releases

27 April, 2017

Record start for Heathrow - Results for the three months ended 31 March 2017

CHE15357d
 
  • Surging passenger and cargo demand at the UK’s hub is expected to result in an upgrade to 2017 full year forecasts – a record 17.2 million passengers travelled through Heathrow alongside a 7.3% increase in cargo volumes in Q1
  • Heathrow continues to drive better value for its passengers, with airport charges falling by 2.2% in Q1 and the airport ranked as Europe’s best hub for the third consecutive year
  • Robust financial performance reflects continued improvement in costs and strong retail momentum. Revenue is up 2.0% to £655 million, operating cost per passenger down 2.9% and Adjusted EBITDA up 4.1% to £382 million
  • A new world-class sustainability strategy Heathrow 2.0 underscores Heathrow’s commitment to being an even better neighbour and driving innovation in the industry
  • Heathrow continues to deliver for Britain’s economy with new Flybe services to Scotland driving more choice for passengers on domestic routes and additional China Southern flights are set to boost Britain’s export capacity to China
  • With up to 40 new long-haul connections, an expanded Heathrow secures Britain’s export-led future. Delivery is on-track and Heathrow’s first planning consultation launches later this year
 
John Holland-Kaye, Chief Executive Officer of Heathrow, said:
 
“When Heathrow succeeds, Britain benefits and 2017 is shaping up to be our best year ever. Our new domestic airline Flybe is already driving more choice for passengers on Scottish routes and surging trade is boosting jobs across Britain.
 
“Britain is plotting a new course in the world and expanding Heathrow is more important than ever to ensure its success. It will make our country the best connected in the world and secure our export-led future. We’re getting on with delivering it and look forward to opening Britain’s new runway in 2025.”

 

 

At or for three months ended 31 March    

2017 

2016 

Change (%)

(£m unless otherwise stated)

 

 

 

Revenue

655

642 

2.0

Adjusted EBITDA(1)

382

367 

4.1

EBITDA(2)

416

350 

18.9

Cash generated from operations

394

332 

18.7

Cash flow after investment and interest(3)

38

(27)

n.m

Pre-tax profit(4)

27

23 

17.4

 

 

 

 

Heathrow (SP) Limited consolidated net debt(5)

12,147

11,908

2.0

Heathrow Finance plc consolidated net debt(5)

13,097

13,005

0.7

Regulatory Asset Base(5)

15,323

15,237

0.6

 

 

 

 

Passengers (m)(6)

17.2

16.8

2.2

Retail revenue per passenger (£)(6)

8.62

8.10

6.4