Heathrow hits record 60m passengers but profits fall on security costs
Heathrow Airport served a record 60.5m passengers in the first nine months of 2018 but suffered a drop in profit on increased security costs.
Pre-tax profit fell 7.4 per cent in the nine months to 30 September to £212m from £229m.
Revenue climbed 2.3 per cent to £2.211bn, however operational charges increased with investments to “boost resilience, security and service” it said.
The airport also said it spent an additional £5m in keeping operations running earlier this year as winter storms battered the UK.
Heathrow chief executive John Holland-Kaye said: “With the outcome of Brexit negotiations unknown, strong businesses like Heathrow must stand up to support Britain’s economy. We will expand Heathrow to boost Britain’s global trade for decades to come, and we are proud to protect Britain’s SMEs by maintaining our 30-day payment terms for all of our suppliers. No matter how small, suppliers should have confidence that they will be paid on-time for their services, and we call on other businesses to follow our lead.”
Passenger numbers increased 2.5 per cent to 60.5m and retail revenue per passenger grew 3.1 per cent to £8.59
The airport said it had begun ground surveys in preparation for building a new runway which it is aiming to open in 2026.
On Brexit it said it is “encouraged by the government’s continued commitment to securing a deal with the European Union in the coming months.”
Heathrow was fined £1.6m this week by regulator the Competition and Markets Authority (CMA) for breaking competition law around parking prices.