RNS Number: 3269B
Gatwick Funding Limited
22 August 2024
Issuer: Gatwick Funding Limited
Date: 22 August 2024
Gatwick Funding Limited (the
"Issuer")
a company incorporated in Jersey (registered number
107376)
Half year results publication
- Gatwick Airport
The
Issuer's parent, Ivy Holdco Limited, today published its
report and unaudited condensed interim
consolidated financial statements for the six months ended
30 June 2024.
The Ivy
Holdco Limited report and unaudited condensed interim financial
statements consolidate the results of Ivy Holdco Limited, the
Issuer, Ivy Bidco Limited and Gatwick Airport Limited. These
financial statements and a related investor presentation are
available on the Gatwick Airport Limited
website at www.gatwickairport.com/investor.
London
Gatwick reports strong start to 2024
New long-haul routes and strong
demand for travel saw 19.9 million
passengers travelling through London Gatwick in the first half of
this year.
The continued collaboration with
partners and the hard work of front-line colleagues has supported
the airport's continued recovery and delivered a successful start
to the year, the airport said today when publishing its
interim financial
results.
2024 interim results
include:
·
19.9 million passengers travelled through the
airport, an increase of 7.7% compared to the same period in
2023
·
Revenue at £488 million, up 15.3% compared to
2023. Includes £239 million aeronautical income and £249 million
from non-aeronautical sources, such as retail and
parking
·
EBITDA at £268 million, up 13.9% compared to 2023,
with net profit for the period at £106 million, up 33.8%
Stewart Wingate, Chief
Executive Officer of London Gatwick, said:
"With the growing demand for travel, we are experiencing one of
our busiest summers yet. Thanks to robust planning and close
collaboration with our partners we've had a strong start to 2024,
ensuring a reliable and enjoyable experience for our
passengers.
"I
am delighted that we have once again achieved good service levels,
as evidenced by meeting 100% of our service measures. At the same
time, through our Northern Runway Project, we are demonstrating our
commitment to growing sustainably, in line with our Decade of
Change sustainability strategy and government
policy.
"Our teams
have worked incredibly hard to achieve these results. As we
continue to grow our network and offer more choice for passengers,
we are working towards our vision to be the airport for everyone,
whatever your journey."
Strong financial performance as
traffic continues to grow
Peak holiday
times are continuing to attract more people to travel, representing
a 90% recovery on 2019 levels.
A focus on developing new long-haul
routes across the Middle East, Asia and North America, is
attracting a wider range of passengers and continues to build on
the airport's vision to be the airport for everyone. Recent new
services include the June introduction of Singapore Airlines
flights from London Gatwick plus new routes by flag carriers to key
cities across China and India.
Sustainable growth
Longer term, the examination phase
for London Gatwick's planning
application (Development
Consent Order) to bring its existing Northern Runway into routine
use will end next week, 27 August. If successful, the Northern
Runway could be in routine use by the end of the decade. The plans
are privately funded and work is largely contained within the
airport boundary. It will deliver increased resilience and capacity
for passengers, in line with the Department for Transport's policy,
while generating around 14,000 new jobs and £1 billion for the
economy every year.
The airport recently announced
the
London Gatwick Hydrogen Hub - a
partnership with Airbus, easyJet and Air Products - as a
significant first step towards achieving zero-carbon flights. This
builds on London Gatwick's existing commitment to be net zero for
Scope 1 and Scope 2 emissions by 2030 and other initiatives
announced earlier in the year, such as the
opening of GRIDSERVE electric vehicle charging
forecourt and
swapping diesel for Hydrotreated Vegetable Oil
(HVO) in airport vehicles, which
will save more than 950 tonnes of carbon emissions every
year.
Delivering a successful summer operation and passenger
experience
Passengers have enjoyed a reliable airport experience so far
this summer, with operational performance meeting 100% of the 276
agreed service measures. This includes 96.6% of passengers passing
through security in five minutes or less, and working in
partnership with our special assistance provider Wilson James,
meeting all requirements to help passengers needing assistance.
Continued collaboration with air traffic control provider, NATS,
has ensured the tower is operating well and has the
required resources to deliver this year's busy
summer schedule for airlines and passengers.
Our food and beverage offering
continues to expand and now includes Pizza Express, Big Smoke and
Black Sheep Coffee. Building on the airport's commitment to provide
a more efficient experience, passengers are benefiting from a more
spacious redeveloped train station for the first time this
summer.
Our service and airline
commitments
The CAA launched a consultation with
airlines earlier this month, on London Gatwick's
proposal to extend the Commitments Framework
until 31 March 2029. With a decision expected to
be reached by the end of 2024, the extension will deliver
significant benefits to passengers and airlines while encouraging
long term investment in sustainable growth, all under a lower price
ceiling.
ENDS
NOTES
1.
Recent additions to London Gatwick's long-haul
network include Singapore Airlines flying five times per week to
Changi Airport, Air India adding a five-times weekly service to
Bengaluru, a daily Air China flight to Beijing, and China
Southern's new three-times weekly service to Guangzhou. WestJet now
fly to Halifax (4x weekly) and St Johns (3x weekly) in
Canada.
2.
In terms of short-haul, London Gatwick has
broadened connectivity across Europe, with new services to
destinations including Gothenburg, Sweden (Norwegian), Vagar in the
Faroe Islands (Atlantic Airways), Ponta Delgada in the Azores
(Azores Airlines), Varna, Bulgaria (Wizz Air), and Salerno, Italy
(easyJet).
About London Gatwick
With 41 million annual passengers,
London Gatwick is the UK's second largest and one of Europe's top
ten airports. It is a vital piece of national infrastructure
that drives both the national and regional economies by generating
£5.5 billion GVA and supporting over 76,000 jobs (2023).
Almost 60 airlines fly from the airport to over 150 short-haul and
more than 50 long-haul destinations. With a declared capacity
of 55 movements an hour, London Gatwick is the most efficient
single runway airport in the world.
The airport is located 28 miles south of the UK capital and is extremely
well-connected, with more than a quarter of England's population (15 million people)
- including all of London - less than one hour away by road or
rail. A
six-year, £2 billion sustainable growth programme
includes an ambitious plan to be a net zero
airport by 2030 and to increase capacity by bringing the airport's
existing Northern Runway into routine use, alongside its Main
Runway. Vinci Airports owns a 50.01% stake in the airport,
with Global Infrastructure Partners managing the remaining
49.99%.
About VINCI Airports
The world's leading private airport
operator, VINCI Airports operates more than 70 airports in 13
countries. Thanks to its expertise as a
global integrator, VINCI Airports develops, finances, builds and
manages airports by providing its investment capacity and its
know-how in optimizing operational performance, modernizing
infrastructure and managing their operations and environmental
transition. VINCI Airports is the first airport operator to have
committed to an international environmental strategy in 2016, to
achieve the goal of net zero emissions across its entire network by
2050.
For more information:
www.vinci-airports.com
@VINCIAirports
https://www.linkedin.com/company/vinci-airports/
www.vinci-airports.com
@VINCIAirports
https://www.linkedin.com/company/vinci-airports/
About Global Infrastructure Partners
Global Infrastructure Partners (GIP)
is a leading infrastructure investor that specializes in investing
in, owning and operating some of the largest and most complex
assets across the energy, transport, digital infrastructure and
water and waste management sectors. With decarbonization central to
our investment thesis, we are well positioned to support the global
energy transition. Headquartered in New York, GIP has offices in
Brisbane, Dallas, Hong Kong, London, Melbourne, Mumbai, Singapore,
Stamford and Sydney.
GIP has approximately $115 billion in
assets under management. Our portfolio companies have combined
annual revenues of approximately $71 billion and employ over
116,000 people. We believe that our focus on real infrastructure
assets, combined with our deep proprietary origination network and
comprehensive operational expertise, enables us to be responsible
stewards of our investors' capital and to create positive economic
impact for communities. For more information, visit
www.global-infra.com.
END
