Lift off: Gatwick earnings rise after increase in long-haul flights
London’s Gatwick airport cheered a bump in earnings during the last 12 months, as long-haul flights to the Far East helped deliver growth.
Earnings before interest, tax, depreciation and amortisation (Ebitda) jumped 7.3 per cent in the year ending 31 March, driven by new routes, increased frequencies and retail development, the UK’s second largest airport said this morning.
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An additional 1.1m long-haul passengers travelled through Gatwick over the last financial year, driving passengers to 46.4m annually.
Around 1 in 5 airport passengers now travel long-haul to and from Gatwick, with Far East connections growing 45 per cent compared to last year.
China Eastern airlines started flying to Shanghai in December 2018 and Norwegian commenced a new Rio service in March 2019.
Before Christmas the company was hit by a drone attack that caused widespread disruption at the airport and is believed to have costed as much as £50m.
In April a Gatwick boss told the BBC that the attack had been likely carried out by someone with knowledge of the airport’s operational procedures, with Sussex Police adding that the chance an “insider” was involved was a “credible line” of inquiry.
Chief Executive Stewart Wingate said: “Today’s results underline our ambition to be a thriving global airport which continues to invest in our passengers and local communities, while strongly supporting UK.
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He added: “Over the last year, we have achieved strong passenger growth matched by a reduction in our local noise footprint; robust financial results matched by record levels of investment back into the airport; and growing global connections fuelling increased trade and tourism opportunities.
“These strong results give us a firm foundation for future sustainable growth and later this year we look forward to publishing our final master plan which will help set the long-term growth and development plan for Gatwick.”