Gatwick Airport reports profits boost for first half of year

Growing public demand for air travel has helped Gatwick Airport to deliver strong financial results for the first half of this year.
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In a report out today (Wednesday), the airport says it has seen a 41 per cent increase in passengers and a 45 per cent increase in revenue compared to the same time last year.

The report also details how nearly 50 airlines now fly from the airport to over 200 destinations, including 50 long-haul routes, and sets out plans to improve on time performance, implement a six-year investment plan to develop infrastructure and points out that its plans to bring its northern runway into full-time use have moved a step further forward.

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A total of 18.5 million passengers travelled through the airport in the first six months of 2023, revenue amounted to £423.3 million including £212.7 million aero autical income and £210.6 million from non-aeronautical sources, such as retail and parking. Net profit for the period was £79.1 million, up 56 per cent.

Stewart Wingate Chief Executive Gatwick Airport, Pic S Robards SR2203283Stewart Wingate Chief Executive Gatwick Airport, Pic S Robards SR2203283
Stewart Wingate Chief Executive Gatwick Airport, Pic S Robards SR2203283

However Gatwick flight numbers remained below pre-pandemic levels for the first half of this year at 86 per cent which, officials say, is because of a greater number of air traffic control restrictions – put in place to manage congested air traffic – than normal across large parts of Europe.

Meanwhile, a six-year capital investment programme has been drawn up with airlines which includes investing more than £250 million to become a net zero airport by 2030, along with a £120 million-plus north terminal pier extension, and a £70 million scheme to improve airport taxiways.

Other plans include a new £44.2 million, 3,250 space multi storey car park in the north terminal, due to open in Autumn 2024 and a £10 million redevelopment of the north terminal departure lounge also due to be completed next year.

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Officials say that if its plans to bring Gatwick’s northern runway into routine use is successful, it would generate around 14,000 new jobs and £1 billion for the region’s economy every year.

Gatwick chief executive Stewart Wingate said: “We worked closely with our partners to make sure the airport was well resourced ahead of the summer. This and the hard work of our frontline colleagues helped us provide passengers with a good level of service, despite a challenging operational environment across much of Europe.

“We will continue working closely with our airport partners to improve punctuality, supported by projects in our new capital investment programme to build airport resilience and long-term sustainable growth. In this respect, I’m pleased that our planning application to bring our existing Northern Runway into routine use has moved forward to the examination stage.

“It’s also promising to see the airport’s recovery continue, as we once again provide passengers with more choice. Forty-nine airlines now fly from the airport to over 200 destinations, including 50 long haul routes.”

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Recent additions to Gatwick’s long-haul network include Norse services to San Francisco, Washington DC, Boston and Los Angeles, Air India services to Goa, Ahmedabad, Amritsar and Kochi (Cochin), Air China flights to Shanghai and Saudia services to Jeddah.

The major redevelopment of Gatwick’s train station is expected to be completed in coming months and will help 50 per cent of passengers get to and from the airport by rail by 2030.