BAA (SP) Limited owns BAA’s two London airports of Heathrow and Stansted. Throughout this document, BAA (SP) Limited and its subsidiaries are referred to as the Group.
- Passenger traffic of 38.7 million with underlying growth of 0.9% including 2.3% at Heathrow
- Continuing improvements in operational performance and customer service
- Strong retail momentum maintained with net retail income per passenger up 10.2%
- Underlying revenue and underlying Adjusted EBITDA up 6.7% and 18.3% respectively
- Reported revenue up 2.2% whilst Adjusted EBITDA declined marginally by 0.2%
- Reported financial performance reflects impact of volcanic ash and airline industrial action
- Reduced pre-tax loss with lower exceptional items and fair value adjustments
- Confirmation that the new Government's proposals for the reform of airport regulation reflect the constructive consultation process undertaken by the Department for Transport in 2009
Colin Matthews, Chief Executive Officer of BAA, said:
"Heathrow and Stansted delivered an encouraging performance during the first half of the year and this
partly offset the impact of volcanic ash and the British Airways cabin crew strikes. Heathrow is performing
particularly well and achieved its highest ever passenger satisfaction ratings in the first half. Both airports
continue to benefit from strong retail momentum with income per passenger up 10 per cent.Airports and airlines are facing continuing economic challenges and our focus remains on raising
standards, maximising efficiency and continuously improving the service we provide to passengers and airlines."
Download the full press release(519KB PDF)
For further information please contact:
BAA
Media enquiries Malcolm Robertson 020 8745 7224
Investor enquiries Andrew Efiong 020 8745 2742
Finsbury
Andrew Mitchell, Don Hunter or Kirsty Flockhart 020 7251 3801
There will be a conference call today at 9.30 am (UK time) for bondholders and bank lenders to the Group, participants in BAA (SH) Limited's subordinated debt facility and credit analysts to discuss the results for the six months ended 30 June 2010.
The call will be hosted by Colin Matthews and Jose Leo, BAA’s Chief Executive Officer and Chief Financial Officer respectively. Dial-in details for the call are: Conference ID: 82323667; UK free phone: 0800 694 0257; UK local/standard international: 44 (0)1452 555566.
It will also be possible to view online the presentation as it is used during the call at:
https://webconnect.webex.com/webconnect/onstage/g.php?t=a&d=664755216
