Airport World - Joe Bates

London’s Heathrow Airport enjoyed the third busiest year in its history, and made a profit for the first time since 2019 last year as it continued its recovery from the global pandemic.

A total of 79.2 million passengers passed through its facilities in 2023, nearly 30% more than the previous year.

A strong Q4 performance helped Heathrow reach its first adjusted profit in four years with £38 million adjusted profit before tax.

The UK hub’s balance sheet remains strong, with gearing below pre-pandemic levels and £3.8 billion of liquidity. It notes that airport charges were reduced by 20% in real terms at the start of 2024 in line with the CAA’s H7 settlement.

As a result of the move, the airport states: “Maintaining even a small profit will require us to close a £400 million gap with efficiencies and investment trade-offs over the next three years.

[Read more: Heathrow back in profit after strong traffic recovery in 2023 – Airport World (]