Heathrow announces results for six months ended June 30, 2016


LONDON, England – Today Heathrow announced results for the six months ended June 30, 2016.

• A record Airport Service Quality score of 4.16 reflecting Heathrow’s high service standards. Heathrow is recognised as the leading airport in Europe, receiving for the third time ACI Europe’s ‘Best Major Airport’ award

• 35.7 million passengers used Heathrow in first six months, up 0.6%. Cargo volumes increased 1.7% with Heathrow’s links to fast-growing economies boosting British businesses

• Strong financial performance with revenue up 1.0% to £1,320 million and Adjusted EBITDA up 4.4% to £781 million reflecting lower costs and better value

• While EU referendum result may create some short-term economic uncertainty, Heathrow is a resilient hub with a unique and compelling market position

• Heathrow to meet or exceed conditions in Airports Commission’s recommendation for expansion which also has overwhelming parliamentary support

John Holland-Kaye, Chief Executive Officer of Heathrow, said:

“Heathrow has been named the best major airport in Europe for the third time and I am very proud of the work our colleagues do every day while giving better value to passengers.

“As the UK’s biggest port, we are supporting businesses from every corner of Britain to get their products to global markets, with cargo volumes up by almost 2%.

“Now Britain needs a positive post-Brexit plan and only Heathrow expansion will help Britain to be one of the world’s leading trading nations – connecting all of Britain to global growth. Heathrow has a new plan for expansion, allowing the Prime Minister to make the right choice in the national interest.”

At or for six months ended 30 June 2016 2015 Change (%)
(£m unless otherwise stated)

Revenue 1,320 1,307 1.0
Adjusted EBITDA 781 748 4.4
Cash generated from operations 700 729 (4.0)
Cash flow after investment and interest 76 88 (13.6)
Pre-tax profit 75 69 8.7

Heathrow (SP) Limited consolidated net debt 11,857 11,745 1.0
Heathrow Finance plc consolidated net debt 12,804 12,670 1.1
Regulatory Asset Base 15,007 14,921 0.6

Passengers (m) 35.7 35.5 0.6
Retail revenue per passenger (£) 7.84 7.32 7.1