Gatwick Airport annual earnings rise by 7.3%
18 Jun 2019 –– Gatwick
London Gatwick Airport has revealed that its annual earnings have risen by 7.3% as passenger numbers and long-haul demand continue to rise.
The airport, which is the second biggest in the UK, attributed its growth in earnings to annual passenger numbers rising to 46.4 million - including an additional 1.1 million long-haul passengers – as well as new routes and retail expansion.
And the growth in services and passenger numbers was offset by a 7% reduction in Gatwick’s noise footprint, further establishing its status as one of the world’s greenest airports.
The figures were released in Gatwick’s financial results for the year ending 31st March 2019.
Long-haul travel grew by 14.3% over the course of the financial year, contributing an extra 1.1 million passengers to the overall annual passenger number of 46.4 million. Now, one in five Gatwick Airport passengers travels on one of its growing number of long-haul services.
Far East connections now available from Gatwick Airport - a key factor in the airport’s continued long-haul growth – increased by 45% compared to last year’s figures.
The financial year ending 31st March 2019 saw an increase in revenue of 6.1% to £810.8 million, resulting in an increase of 7.3% to £441.4 million in annual earnings. This led to a profit after tax of £208.1 million, an increase of 2.9% on the previous year.
An increase per passenger of 4.5% (75p) to £17.47 was also reported.
Furthermore, Gatwick Airport saw an increase in capital investment during the financial year, with £249.3 million spent on major upgrades to the airport’s facilities to enhance the passenger experience.
This investment is part of an overall plan to invest £1.1 billion by 2023.
Long-haul growth contributed to an increase in cargo tonnage, which grew by 11.4%.
This opened up a number of trade opportunities for businesses which export products through Gatwick. In fact £7.5 billion of goods are traded through Gatwick every year, and businesses local to the airport are said to be 50% more likely to export than the UK average.
Gatwick’s green credentials continued to be a focus, with procedural improvements and the introduction of quieter aircraft leading to a 7% reduction in noise compared to the previous year.
Gatwick Airport, Chief Executive Officer, Stewart Wingate said:
“Today’s results underline our ambition to be a thriving global airport which continues to invest in our passengers and local communities, while strongly supporting UK plc.
“Over the last year, we have achieved strong passenger growth matched by a reduction in our local noise footprint; robust financial results matched by record levels of investment back into the airport; and growing global connections fuelling increased trade and tourism opportunities.
“These strong results give us a firm foundation for future sustainable growth and later this year we look forward to publishing our final master plan which will help set the long-term growth and development plan for Gatwick.”
May 2019 saw VINCI Airports, the second biggest airport operator in the world, take up a 50.01% majority stake in Gatwick Airport, with the remaining 49.99% owned by Global Infrastructure Partners.
