REG - Gatwick Funding Ltd - Annual Financial Report

Vinci SAAnnouncement

20/03/2025 08:15

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RNS Number : 4630B  Gatwick Funding Limited  20 March 2025

RNS Number: 4630B

Gatwick Funding Limited

20 March 2025

Issuer: Gatwick Funding Limited

Date: 20 March 2025

      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 2024.

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 (http://www.gatwickairport.com/investor)

 

Financial results for the year ending 31 December 2024

London Gatwick reports strong performance for 2024, as it prepares for further
growth

 

·    Airport engaging in extended process for final decision on its
Northern Runway plans, following the announcement that the Secretary of State
is 'minded to approve' the project

·    More airlines flew from London Gatwick than ever before in 2024, with
significant growth in long haul services across China, Africa, India, and the
Middle East

·    London Gatwick demonstrates leadership on sustainability after
issuing its largest ever financial bond, based on achieving carbon reduction
targets

·    Work starts on a £140m extension to mid-airfield pier to support
increased capacity

 

London Gatwick has today published its full financial results for 2024
(https://www.gatwickairport.com/company/about-us/investors.html
(https://urldefense.com/v3/__https:/www.gatwickairport.com/company/about-us/investors.html__;!!ES59v9q643DO!emRWzpphuzjfepugvHnE1t1D9dmin2hiPgTZXSwy3-Hf4mymw3SeRMbue4joh8bhgJH-ouBrxDoctXTXKzc1yLGn-p9P18fJWg$)
), when it welcomed a total of 43.2m passengers, up 5.7% on the previous year.
The successful year was driven by significant growth in the choice of airlines
and destinations with 57 airlines serving the airport - more than ever
before.

 

2024 results included:

·    Revenue at £1,130.3m (up 11.3%), driven by growth in airline network
and passenger numbers

·    Revenue includes aeronautical income at £599.4m (up 9.8%), retail
income of £241.3m (up 16.2%) and car parking income of £147.8m (up 11.3%)

·    Profit for the period at £342.9m (up 8.9%), with EBITDA at £679.6m
(up 10.0%)

 

Investing in sustainable growth

Following the recent announcement
(https://questions-statements.parliament.uk/written-statements/detail/2025-02-27/hcws476)
that the Secretary of State for Transport, Heidi Alexander, is minded-to
approve the airport's Northern Runway plans, London Gatwick is engaging fully
in the extended process toward a final decision. When approved, the privately
financed £2.2 billion project will deliver 14,000 new jobs and £1 billion a
year in economic benefits.

 

Construction is progressing on a £140m extension to Pier 6
(https://www.mediacentre.gatwickairport.com/news/london-gatwick-supporting-increased-capacity-and-resilience-with-ps140m-pier-extension-79bbc-40f32.html)
.  When complete in 2027, eight new aircraft gates will benefit over 500,000
passengers currently bussed to their aircraft each year. A £60m project to
install Next Generation technology on its security lanes means that the
airport is now fully compliant with new Government regulations. The new
technology will enhance passenger and cabin baggage screening by allowing
passengers to keep liquids and electrical items in their hand luggage.

 

Delivering outstanding choice and service

The UK's Civil Aviation Authority recently recognised
(https://www.caa.co.uk/newsroom/news/uk-civil-aviation-authority-accepts-gatwick-airport-s-commitments/)
London Gatwick's proposal to extend the current 'Commitments' regulatory
framework until 31 March 2029, and considered that it represents the interests
of consumers.  The proposal also demonstrates our strong collaboration with
airlines, allowing them to plan and grow for the future.

 

London Gatwick served 53 long-haul routes in 2024 including new routes to
Singapore, Beijing and Guangzhou in China, Baku (Azerbaijan), Ashgabat
(Turkmenistan), and Tashkent (Uzbekistan). In total the airport served 19
destinations across Asia - including China, India, and the Middle East - 13 in
North and South America, 16 on Central America and the Caribbean and five
across Africa.  20 new retail outlets also opened in 2024.

 

With the support of our frontline colleagues, passengers received great
service as the airport hit 99% of its service standard metrics across the
year. This included over 95% of passengers passing through security in five
minutes or less.

 

Sustainability at the heart of the business

London Gatwick has published its 2024 Decade of Change
(https://www.gatwickairport.com/on/demandware.static/-/Sites-Gatwick-Library/default/dw2dc6a751/images/Corporate-PDFs/Sustainability/Decade%20of%20Change%20reports/DoC%20report%202024.pdf)
Performance Summary report today - tracking the performance of 42 Key
Performance Indicators across three themes: People and Communities, Net Zero
and Local Environment. Highlights include cutting carbon emissions for London
Gatwick's on-airport fleet by 90% after swapping diesel fuel in 300 vehicles
to Hydrotreated Vegetable Oil.

 

The airport also issued its largest ever bond to the financial markets during
the period. The EUR750m sustainability-linked bond is based on achieving two
carbon reduction targets (see notes) and demonstrates London Gatwick's
commitment to support the transition to a decarbonised aviation sector.

 

Stewart Wingate. Chief Executive, London Gatwick, said: "Thanks to the
dedication of teams across the airport and investment in new facilities and
services, our passengers received outstanding service throughout the year. We
also offered a record-breaking choice of airlines and destinations, and this
has driven our strong financial performance in 2024.

 

"Today's results come off the back of the announcement that the Government is
minded to approve our privately financed Northern Runway plans. We stand ready
to deliver these plans and will continue to engage fully in the extended
process toward a final decision and the realisation of 14,000 new jobs and a
£1 billion injection into the economy each year. "

NOTES

For more information on London Gatwick's sustainability-linked bond, see page
25 of the airport's 2024 annual results.
(https://www.gatwickairport.com/company/about-us/investors.html
(https://urldefense.com/v3/__https:/www.gatwickairport.com/company/about-us/investors.html__;!!ES59v9q643DO!emRWzpphuzjfepugvHnE1t1D9dmin2hiPgTZXSwy3-Hf4mymw3SeRMbue4joh8bhgJH-ouBrxDoctXTXKzc1yLGn-p9P18fJWg$)
).

 

About London Gatwick

With 43.2 million annual passengers, London Gatwick is the UK's second largest
and one of Europe's top ten airports.  It is a vital piece of national
infrastructure that drives both the national and regional economies by
generating £5.5 billion GVA and supporting over 76,000 jobs (2023).  Almost
60 airlines fly from the airport to over 150 short-haul and more than 50
long-haul destinations.  With a declared capacity of 55 movements an hour,
London Gatwick is the most efficient single runway airport in the world.

 

The airport is located 28 miles south of the UK capital and is extremely
well-connected, with more than a quarter of England's population (15 million
people) - including all of London - less than one hour away by road or rail.
A five-year, £2 billion sustainable growth programme includes an ambitious
plan to be a net zero airport by 2030.  The airport also plans to increase
capacity by bringing the airport's existing Northern Runway into routine use,
alongside its Main Runway. Vinci Airports owns a 50.01% stake in the airport,
with Global Infrastructure Partners managing the remaining 49.99%.

 

 

About VINCI Airports

The world's leading private airport operator, VINCI Airports operates more
than 70 airports in 14 countries. 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 infrastructure and managing their operations and
environmental transition. VINCI Airports is the first airport operator to have
committed to an international environmental strategy in 2016, to achieve the
goal of net zero direct emissions across its entire network by 2050.

For more information:

www.vinci-airports.com
(https://protect-eu.mimecast.com/s/JSLRCXo6GSDmopLi6z0Tm?domain=globenewswire.com)

@VINCIAirports
(https://protect-eu.mimecast.com/s/L6kyCYv6JFp52GyfGr1Ma?domain=twitter.com)

https://www.linkedin.com/company/vinci-airports/
(https://protect-eu.mimecast.com/s/2IvzCZV4Ks8z9OWcKbyA4?domain=linkedin.com/)

 

About Global Infrastructure Partners

Global Infrastructure Partners (GIP), a part of BlackRock, is a leading
infrastructure investor that specializes in investing in, owning and operating
some of the largest and most complex assets across the energy, transport,
digital infrastructure and water and waste management sectors.

 

GIP has approximately $170 billion in assets under management. GIP believes
that its focus on real infrastructure assets, combined with its deep
proprietary origination network and comprehensive operational expertise,
enables it to be responsible stewards of investor capital and to create
positive economic impact for communities.

 

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