More action needed by CAA to protect consumers and restore confidence in regulation – The CAA’s interim action falls short of what was needed and undermines investor confidence in UK regulated businesses, putting at risk the Government’s infrastructure agenda. The CAA will need to address all the issues related to adjustment fully in the upcoming H7 regulatory settlement to attract the investment needed to maintain service, keep prices lower than they would otherwise be and protect resilience through the recovery.
Heathrow CEO John Holland-Kaye said:
These results show how COVID has devastated the aviation sector and British trade. Restarting international travel from May 17th will help to kickstart the economic recovery, allowing exporters to get their goods to market, as well as reuniting families who have been separated for over a year. Heathrow is gearing up for the recovery. By acting early to cut costs and protect cash, we have put ourselves in a strong financial position to weather the storm and are ready to welcome back passengers, while keeping them safe. This would not be possible without the energy and commitment of my colleagues across Heathrow and I am very proud of what they have achieved.
|At or for 3 months ended 31 March||2020||2021||Change (%)|
|(£m unless otherwise stated)|
|Cash generated from operations||375||132||(64.8)|
|Loss before tax||(278)||(307)||(10.4)|
|Adjusted loss before tax||(41)||(329)||–|
|Heathrow (SP) Limited consolidated nominal net debt||13,131||13,064||(0.5)|
|Heathrow Finance plc consolidated net debt(3)||15,120||15,109||(0.1)|
|Regulatory Asset Base||16,492||16,396||(0.6)|