John Holland-Kaye, Chief Executive Officer of Heathrow Airport in London, UK, said:

“Heathrow’s performance in the last six months has been excellent, improving service to passengers and controlling costs. The Airports Commission’s unanimous and clear recommendation to support Heathrow was warmly welcomed by business leaders and politicians from across the country and closed the debate on where a new runway should be built. Our focus now is on working closely with Government to deliver the benefits of expansion for all of the UK as quickly as possible.”

Six months ended 30 June	2015	2014	Change (%)
(£m unless otherwise stated)
Revenue	1,307	1,234	5.9
Adjusted EBITDA⁽¹⁾	748	704	6.3
Cash generated from operations	729	659	10.6
Cash flow after investment and interest⁽²⁾	88	(142)	n.m
Pre-tax profit	120	23	n.m

Heathrow (SP) Limited consolidated net debt⁽³⁾	11,746	11,653	0.8
Heathrow Finance plc consolidated net debt⁽³⁾	12,650	12,560	0.7
Regulatory Asset Base⁽³⁾	14,870	14,860	0.1

Passengers (m)⁽⁴⁾	35.5	35.1	1.3
Net retail income per passenger⁽⁴⁾	£6.67	£6.42	3.9

Summary results:
Record passenger satisfaction and strong operational performance with Heathrow’s busiest days ever
High demand to use Heathrow continues with 35.5 million passengers using the airport, up 1.3%
Robust financial performance, revenue up 5.9% to £1.3 billion and EBITDA up 6.3% to £748 million
Substantial global appetite to invest in Heathrow with over £1.1 billion funding raised in 2015
Unanimous and clear recommendation from Airports Commission for Heathrow’s new North West runway plan

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