Long-haul growth, more passengers and increased capital investment were at the heart of a strong set of results for the UK’s second largest airport for the year ending March 31, 2019.
Gatwick’s results pointed to continued growth and positive developments across a number of key areas, including strong financial growth and record levels of capital investment. Revenue increased by 6.1% to £810.8m (US$1bn). Combined with cost management, this resulted in EBITDA up 7.3% to £441.4m (US$545m) and a profit after tax up by 2.9% to £208.1m (US$261m). Income per passenger for the year increased by 4.5% to £17.47 (US$21.69).
Gatwick spent £249.3m (US$312m) of capital investment on improving passenger facilities and operational performance. This forms part of a five-year £1.1bn(US$1.38bn) program
running up to 2023, which includes an extension to Pier 6 and work on a new mezzanine level in the North Terminal to accommodate growing passenger demand.
Stewart Wingate, Gatwick Airport chief executive, said, “These strong results give us a firm foundation for future sustainable growth and later this year we look forward to publishing our final masterplan which will help set the long-term growth and development plan for Gatwick.”
In May 2019 London Gatwick announced a new chapter in its ownership as Vinci Airports completed the purchase of a 50.01% stake in the airport. Global Infrastructure Partners (GIP) will continue to manage the remaining 49.99% interest in Gatwick.