Heathrow announces results for the three months ended 31 March 2016

LONDON, England – Heathrow announced results for the three months ended 31 March 2016:

• High service standards recognised as Heathrow is named ‘Best airport in Western Europe’ by Skytrax for second consecutive year

• 16.8 million passengers using Heathrow in first three months, up 2.6%. Garuda Indonesia is the latest airline to move its London operations from Gatwick to Heathrow – boosting British businesses with increased ties to a fast-growing economy

• Strong financial performance with revenue up 3.2% to £642 million and EBITDA up 7.3% to £367 million reflecting lower costs and better value

• Independent analysis shows that a number of routes from Heathrow, Britain’s biggest port, are already full for freight. Only Heathrow expansion will get British exports moving

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

“It’s been a fantastic start to 2016 and Heathrow is performing strongly on all fronts. Our colleagues are delivering excellent value for our passengers – better service at a lower cost.

“At a time of uncertainty about Britain’s place in the world, families and businesses are counting on the Prime Minister to secure Britain’s long term future. An expanded Heathrow will be an economic powerhouse, a global symbol of a confident, outward looking Britain. Let’s make it happen.”

At or for three months ended 31 March 2016 2015 Change (%)
(£m unless otherwise stated)

Revenue 642 622 3.2
EBITDA 367 342 7.3
Cash generated from operations 332 316 5.1
Cash flow after investment and interest (27) (53) n.m
Pre-tax profit 23 19 21.1

Heathrow (SP) Limited consolidated net debt 11,884 11,745 1.2
Heathrow Finance plc consolidated net debt 12,785 12,670 0.9
Regulatory Asset Base 14,911 14,921 (0.1)

Passengers (m) 16.8 16.4 2.6
Retail revenue per passenger (£) (5) 8.10 7.52 7.7