Member Article

Heathrow campaigns for expansion after reporting sizeable loss despite ‘busiest year ever’

Heathrow Airport has argued that it is operating at ‘full capacity’ after reporting a pretax loss of £119 million for the financial year ending 31st December 2014, compared to a pretax profit of £202 million for the same period in 2013.

The airport has experienced its ‘busiest year ever’, with 73.4 million passengers served, up 1.4% on 2013.

As part of its £11 billion investment programme over the last 10 years, Heathrow delivered the latest stage in its transformation, with the opening of the multi-billion pound Terminal 2: The Queen’s Terminal in June 2014 (see video).

Building on the investment programme, Heathrow invested close to £730 million in 2014.

Capital expenditure in cash terms was £853 million and reflects the timing difference between completion of assets in 2013 and corresponding supplier payments in 2014.

The airport is currently campaigning to expand once again, putting the lack of flight growth down to being at full capacity.

John Holland-Kaye, chief executive officer of Heathrow, said: “Heathrow performed very well in 2014, with record levels of passenger service and numbers of passengers served.

“The successful opening of Terminal 2 means the nation now has a world class front door and passengers rate us the best hub airport in Europe.

“But with Heathrow full, Britain is falling behind European rivals in the race for growth. An expanded hub airport is best for Britain and backed by Britain.

“We have made Heathrow better - now it is time to make it bigger, and connect all of Britain to global growth.”

This was posted in Bdaily's Members' News section by Ellen Forster .