Revenue dips at Heathrow despite record passenger numbers

London’s biggest airport Heathrow will invest almost £1bn in its facilities as it prepares for a ruling on a proposed third runway.

The airport this morning said that profit before tax fell nearly 57 per cent to £57m in the first three months of the year, but rose 73 per cent on an adjusted basis.

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Revenue shrunk 0.1 per cent to £679m, the company behind Heathrow said, despite passenger numbers increasing 1.4 per cent to 17.9m.

Airport charges declined 2.4 per cent to £22.13 per passenger.

The airport is planning for its third runway, set to open in 2026 if it is granted development permission.

“With expansion on the horizon, Heathrow is set to invest nearly £1 billion into the airport over the coming year to prepare us for the future growth that expansion will unlock,” the firm said. It plans to unveil a detailed masterplan in June.

Heathrow added several new routes in the first quarter, it said, including direct flights to Newquay, Chengdu, Osaka, Phoenix, Pittsburgh and Charleston. It means passengers can now reach 210 destinations worldwide from the airport.

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Chief executive John Holland-Kaye said: “2019 is an important year for Heathrow as we put in place the building blocks that will define Britain’s global connectivity for decades to come.

“With passengers continuing to choose Heathrow in record numbers, the strong backing of global investors and a credible plan to expand responsibly, we’re ramping up for growth and excited about building a bigger and better hub airport for Britain.”