TIDM79IU
RNS Number : 1986T
Gatwick Funding Limited
16 March 2023
Issuer: Gatwick Funding Limited
Date: 16 March 2023
Gatwick Funding Limited (the "Issuer")
a company incorporated in Jersey (registered number 107376)
Annual results publication - Ivy Holdco Limited
The Issuer's parent, Ivy Holdco Limited, today publishes its
Annual Report and consolidated financial statements for the year
ended 31 December 2022.
The Ivy Holdco Limited report and 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 Airport financial results for the year ending 31
December 2022
London Gatwick Airport recovers strongly in 2022
-- Airport remains cautiously optimistic about full recovery
with popular short and long haul routes performing strongly.
-- Passenger demand at 70.4% of pre-pandemic levels, with 32.8 million passengers in 2022.
-- London Gatwick Airport to invest over GBP250 million in
reducing carbon emissions and becoming net zero for its buildings
and vehicles (known as its scope 1 and 2 carbon emissions [1] ), 10
years ahead of its previous commitment.
-- "Thank you to all colleagues across our airport, who
supported the operation last year as travel restrictions eased and
passengers started to travel. This year we will have even more
choice of airlines and destinations for travellers, whether flying
for business or leisure" Stewart Wingate, CEO.
London Gatwick Airport has today published its financial results
for 2022, and recognising the urgent need to make net zero a
reality has accelerated its commitment to be net zero for its own
Scope 1 and 2 carbon emissions by 2030, 10 years ahead of its
previous commitment. This commitment is aligned with both VINCI
Airports' environmental action plan, which aims for all its EU
airports to be net zero by 2030, and GIP's strong commitment to
decarbonisation action.
This will be achieved by investing over GBP250 million to reduce
carbon emissions, such as moving to an electric vehicle fleet and
replacing gas boilers and refrigerants with low carbon
alternatives. The airport will also continue to reduce overall
energy use, invest in on-site renewable energy, including solar
power, and source renewable electricity through Power Purchase
Agreements (PPAs), to further continue London Gatwick's role in
helping the UK to decarbonise.
London Gatwick will share more details on plans to deliver
against its climate goals in the coming months.
2022 results include:
-- Passenger demand at 70.4% of pre-pandemic levels, with 32.8
million passengers passing through the airport in the year ending
31 December 2022.
-- Revenue at GBP776.6 million, driven by a strong and steady
recovery in passenger numbers throughout 2022. This includes
aeronautical income (GBP405m), retail income (GBP159m) and car
parking income (GBP102m).
-- Returned to a profit of GBP196.5 million in 2022, after over
GBP830 million of losses from 2020 and 2021.
-- EBITDA at GBP446.3 million.
Despite returning to profitability the airport remains
cautiously optimistic about a full recovery, given the current
economic uncertainty and inflationary pressures.
Looking back at 2022, the gradual removal of travel
restrictions, and the return of discipline to UK airport slot
regulations put London Gatwick in a good position
As widely reported the rapid upturn in demand during Q2 2022
drove significant operational challenges across the aviation
sector. In response, London Gatwick took early and decisive action
working closely with the airport's partners, including the
airlines, to ensure passenger disruption was minimised during the
peak summer months.
During 2022, London Gatwick made a significant investment by
completing an innovative project to resurface its main runway - in
half the time and for half the cost of traditional methods,
improving the airport's operational resilience and allowing a
saving of embodied carbon during the construction phase. Further
investment will also see a fully redeveloped airport train station
completed later this year, work beginning to upgrade the North
Terminal international departure lounge, and the airport is
continuing the preparation of its planning application (Development
Consent Order) to bring its existing Northern Runway into routine
use.
London Gatwick's short haul network was the first to show strong
recovery in 2022 and now serves 156 destinations, with easyJet
flying 72% of those routes. Short haul is at 92% of flights flown
pre-pandemic, while l ong-haul connectivity is taking longer to
recover but has bounced back robustly in recent months, and now
boasts 47 long haul routes - 76% of the number flown
pre-pandemic.
Significantly, Air India will start flying to four new
destinations later this month (26 March), Delta Air Lines returns
to London Gatwick with the airport's fourth daily flight to New
York (10 April) from this summer, along with Jet Blue, British
Airways and Norse Atlantic Airways also operating new long haul
routes to North America and the Caribbean.
Stewart Wingate, Chief Executive Officer, London Gatwick
Airport, said: " The decisive actions we took early last year
allowed us to offer good levels of service to passengers who
travelled through Gatwick. Thank you to all colleagues across our
airport, who supported the operation last year as travel
restrictions eased and passengers started to travel. This year we
will have even more choice of airlines and destinations for
travellers, whether flying for business or leisure.
"While we still have some way to go to reach a full recovery, we
know long-term sustainable investment is critical to the future of
our airport and provides a significant boost to the regional and
national economy. This year we are pushing forward with a number of
projects to improve resilience and the overall passenger
experience, including preparing our planning application to bring
the existing Northern Runway into routine use.
"Central to this is our commitment for our business to be net
zero for scope 1 and 2 by 2030. T he aviation industry is
addressing the challenges, and we are working closely with our
stakeholders to ensure we create a sustainable airport for the
future."
Further information on the financial results and the associated
investor presentation can be found at
www.gatwickairport.com/investor
NOTES
[1] Gatwick Airport Limited scope 1 and 2 greenhouse gas
emissions
About London Gatwick Airport
London Gatwick Airport is the UK's second largest airport and is
a vital piece of national infrastructure that helps drive both the
regional and national economy. More than 40 airlines fly from the
airport to over 150 short-haul and more than 45 long-haul
destinations. The airport is focused on rebuilding and growing
sustainably in the long term. It has ambitious plans to be a net
zero airport by 2030 and increase capacity by bringing its Northern
runway into routine use. VINCI Airports owns a 50.01% stake in the
airport, with Global Infrastructure Partners managing the remaining
49.99% interest.
About VINCI Airports
The world's leading private airport operator, VINCI Airports
operates more than 65 airports in 12 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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