TIDM79IU
RNS Number : 8269W
Gatwick Funding Limited
23 August 2022
Issuer: Gatwick Funding Limited
Date: 23 August 2022
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 2022.
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 .
Strong demand and encouraging air traffic volumes accelerates
Gatwick's recovery, while economic uncertainty remains
-- Unprecedented growth drove operational challenges across the
sector in June, with Gatwick taking early, responsible action to
manage capacity and stabilise operations
-- No need to extend capacity declaration beyond end of August
as airport returns back to usual business operations
-- 400 new security staff recruited, with Gatwick providing
staff to support other operators on the airport, as part of a
continuous effort to return to high standard service levels
-- Airport is cautiously optimistic with air traffic forecasts
revised up for 2022, however uncertainty remains over the
macro-economic climate
Strong passenger demand - and encouraging air traffic volumes -
following the lifting of all UK travel restrictions in March 2022
has accelerated Gatwick's recovery from the devastating impacts of
the pandemic, the airport revealed today in its half year financial
results
H1 results:
-- Passenger demand was at 74.3% of pre-pandemic levels for Q2,
after all UK travel restrictions were removed, and 59.1% for the
half year period
-- 13.1 million total passengers passed through the airport in first six months of the year
-- Revenue was GBP291.5m for the six months ending 30 June 2022
-- Return to profitability with EBITDA at GBP148.3m and a profit after tax of GBP50.6m
Following strong demand, Gatwick has revised its traffic
forecasts for 2022 to 32.8m passengers as a result of increased
demand in H1. The airport however notes that continued
macro-economic uncertainty - including inflationary pressures on
costs and passenger demand for the winter season may impact these
forecasts.
Following significant investment, Gatwick has just completed a
project to resurface its main runway to improve resilience, and the
redevelopment of the airport's train station is progressing well,
with completion due in 2023.
Increased demand also drove significant operational challenges
across the entire aviation sector. In response Gatwick took early
action to ensure reliable flight timetables by gradually increasing
its declared capacity, and recruited over 400 new security staff to
reduce delays. With additional resources across the Gatwick
operation in place no further moderation of flying programmes is
necessary.
Gatwick has provided staff to support other airport operators -
including airline baggage handlers - as part of a continuous effort
to improve their performance, reduce delays and return to high
standard service levels.
As reported at Gatwick's full year results, the South Terminal
reopened on 27 March as demand returned - an operation described as
the equivalent of opening a medium-sized airport overnight -
following its closure during the pandemic from 15 June 2020.
Gatwick's recovery has also seen its long-haul network grow with
40 routes now announced, including new airlines such as Norse and
Bamboo flying to New York and Hanoi respectively, British Airways
starting a new service to Cape Town and jetBlue adding a new daily
service to Boston, in addition to their daily flight to New York.
WestJet and Air Transat currently also fly to a range of
destinations across Canada, while both British Airways and TUI fly
numerous other long-haul services to the US, Mexico and the
Caribbean.
Stewart Wingate, Chief Executive Officer, Gatwick Airport said:
"We still have some considerable way to go, but strong demand has
fast-tracked Gatwick's recovery from the pandemic, particularly in
the last quarter since all UK travel restrictions were removed. Air
traffic volumes have reflected this strong passenger demand and
have bounced back to around 75% of pre-COVID levels.
"The unprecedented growth in traffic lead to short term
operational issues in June, however our decisive early action to
limit the airport's capacity in the crucial school holiday period
of July and August has ensured passengers have experienced reliable
flight timetables over the summer months. We are now very much
operating business as usual and do not see any reason to extend the
capacity declaration."
"Despite some broad economic uncertainty, we are also looking
forward to a successful second half to the year, with new, exciting
airlines and routes coming on stream and continuous improvement in
the high service standards Gatwick is known for."
Further information on the financial results and the associated
investor presentation can be found at
www.gatwickairport.com/investor
NOTES
About Gatwick Airport
Gatwick is the UK's second largest airport and flies a range of
both short and long-haul point-to-point services. The airport is a
vital piece of the UK's national infrastructure and is also a major
driver for both the regional and national economies. In 2019, a new
long-term partnership was formed with VINCI Airports which
purchased a 50.01% stake in the airport.
About VINCI Airports
The world's leading private airport operator, VINCI Airports
operates more than 50 airports in 11 countries in Europe, Asia and
the Americas. 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 infrastructures and managing
their operations and environmental transition. VINCI Airports is
the first airport operator to have committed to a global
international environmental strategy in 2016, to achieve the goal
of net zero emission across its entire network by 2050.
For more information: www.vinci-airports.com
@VINCIAirports
https://www.linkedin.com/company/vinci-airports/
About Global Infrastructure Partners
GIP manages the remaining 49.99% interest in Gatwick and is a
leading independent infrastructure fund manager that makes equity
and debt investments in high quality infrastructure assets in the
energy, transport, water/waste and digital infrastructure sectors.
GIP manages US$84 billion for its investors. Its 46 portfolio
companies have combined annual revenues of US$61 billion and employ
nearly 100,000 employees. For more information on GIP please visit
http://global-infra.com
END
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END
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