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Gatwick delivers strong start to 2023

London Gatwick Airport reports robust growth in the midst of operational challenges, showcasing resilience and promising results in its interim financial report for the first half of 2023.

London Gatwick Airport, despite navigating a challenging operational landscape, has reported significant achievements in its interim financial results for the first half of 2023. The airport’s unwavering commitment to excellence, coupled with the hard work of its frontline staff, has resulted in remarkable financial gains compared to the same period in 2022.

In a press release issued, London Gatwick disclosed the following key highlights from its 2023 interim results:

Surge in Passenger Numbers: A notable 41% increase in passenger traffic was recorded, with 18.5 million travelers passing through the airport in the first six months of 2023, compared to the same period in 2022. However, this surge was not without its challenges, as COVID-19 travel restrictions, particularly in Q1 2022, significantly impacted traffic.

Impressive Revenue Growth: The airport reported total revenue of £423.3 million, marking a substantial 45% increase compared to 2022. This includes £212.7 million from aeronautical income and £210.6 million from non-aeronautical sources, such as retail and parking.

Managed Operating Costs: Operating costs (excluding depreciation, amortization, and exceptional costs) for the period amounted to £187.6 million, reflecting a 31% increase from 2022.

Enhanced Profitability: The airport achieved an improved EBITDA of £235.7 million, representing a remarkable 59% increase from 2022. The net profit for the period surged to £79.1 million, up 56%.

The challenging operational environment in Europe posed a significant obstacle for London Gatwick. Although air traffic movements remained at 86% below pre-pandemic levels for the period, the airport faced a higher-than-usual number of air traffic control restrictions across large parts of Europe, affecting on-time performance. These restrictions were necessary to manage congested air traffic flows.

To combat these challenges, London Gatwick collaborated closely with airlines and ground handlers to ensure aircraft readiness for morning departures and throughout the day. Additionally, proactive measures were taken to prevent ground handling industrial action during the summer, ensuring that flights could operate without disruption.

The airport also bolstered its security team by recruiting an additional 200 security officers ahead of the busy summer season. This effort contributed to an impressive achievement of getting 98% of passengers through security in less than five minutes, while the airport maintained a high level of service, meeting 99.6% of all measured service level requirements during the period.

London Gatwick is committed to sustainable growth and has published a six-year Capital Investment Programme aimed at improving airport infrastructure and facilities, all while adhering to sustainability goals. The program, developed in consultation with airlines, includes various projects, such as investing over £250 million to become a net-zero airport by 2030, extending Pier 6 in the North Terminal, rehabilitating airport taxiways, and building a new multi-story car park and departure lounge in the North Terminal.

In a significant development, London Gatwick’s planning application (known as a Development Consent Order) to bring its existing Northern Runway into routine use was accepted for detailed examination by the Planning Inspectorate on August 3, 2023. If approved, this initiative would enhance resilience and capacity while generating substantial economic benefits for the region, including the creation of around 14,000 new jobs and an annual injection of £1 billion into the local economy.

Stewart Wingate, Chief Executive Officer of London Gatwick, expressed his satisfaction with the airport’s performance, stating, “We worked closely with our partners to make sure the airport was well resourced ahead of the summer. This and the hard work of our frontline colleagues helped us provide passengers with a good level of service, despite a challenging operational environment across much of Europe. We will continue working closely with our airport partners to improve punctuality, supported by projects in our new Capital Investment Programme to build airport resilience and long-term sustainable growth.”

Wingate also noted the promising trajectory of London Gatwick’s recovery, with 49 airlines now serving over 200 destinations, including 50 long-haul routes, providing passengers with an expanding array of travel options.

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