REG - Gatwick Funding Ltd - Results Publication

Vinci SAAnnouncement

18/06/2019 08:05

RNS Number : 5110C
Gatwick Funding Limited
18 June 2019
 




Gatwick Funding Limited

18 June 2019
Issuer: Gatwick Funding Limited

Date: 18 June 2019

 
Gatwick Funding Limited (the "Issuer")

a company incorporated in Jersey (registered number 107376)
Results publication - Gatwick Funding Limited and Gatwick Airport Limited
The Issuer today publishes its Directors' Report and financial statements for the year ended 31 March 2019.
The Issuer's parent, Gatwick Airport Limited ("Gatwick"), today publishes its Annual Report and financial statements for the year ended 31 March 2019.
Gatwick Airport Limited's parent, Ivy Holdco Limited, today publishes its Annual Report and financial statements for the year ended 31 March 2019.

The Directors' Report and financial statements for Gatwick Funding Limited, Annual Report and financial statements for Gatwick Airport Limited and Ivy Holdco Limited are available on Gatwick's website at www.gatwickairport.com/investor     
 

Gatwick Airport Annual Results: Successful year of growing global connections and passenger numbers
London Gatwick financial results for the year ending 31st March 2019
·    Gatwick grows to 46.4m passengers, including an extra 1.1m long-haul passengers
·    New routes, increased frequencies and retail development drives EBITDA +7.3% while income per passenger grows +4.5% to £17.47
·    Growth balanced by a 7% reduction in the airport's noise footprint
 
Significant long-haul growth, an increased economic contribution, more passengers and reduced noise are at the heart of a successful year for Gatwick as the UK's second largest airport today announced its financial results for the year ending 31st March 2019. 
Gatwick's results point to continued growth and positive developments across a number of key areas including:
46.4 million passengers and 14.3% long-haul growth
-     An additional 1.1 million long-haul passengers travelled through Gatwick over the last financial year, driving passengers to 46.4 million annually.
-     The airport's long-haul growth has been driven by Gatwick's growing Far East connections which grew 45% compared to last year.
-     Around 1 in 5 airport passengers now travel long-haul to and from Gatwick as the airport's global connections continue to grow. China Eastern airlines started flying to Shanghai in December 2018 and Norwegian commenced a new Rio service in March 2019.
 
Strong financial growth and record levels of capital investment
-     Revenue increased 6.1% to £810.8 million. Combined with careful cost management, this resulted in EBITDA up 7.3% to £441.4 million and a profit after tax +2.9% of £208.1 million.
-     Income per passenger for the year increased by £0.75 (+4.5%) to £17.47.
-     £249.3m of capital investment in the year was spent on improving passenger facilities and operational performance as Gatwick continues to enhance its global position. This forms part of a five-year £1.1bn programme to 2023, which will include an extension to Pier 6 to provide additional aircraft stands to meet forecast growth, and work on a new mezzanine level in the North Terminal to accommodate growing passenger demand.
 
Trade growth with a 11.4% boost to cargo
-     Gatwick's growing long-haul networks, which offer increased aircraft belly-hold capacity, helped Gatwick's cargo tonnage increase by 11.4% compared to 2018.
-     This increasing cargo capacity is providing greater trade opportunities for businesses exporting through Gatwick.
-     Annually £7.5 billion in goods trade through Gatwick, with local businesses 50% more likely to export than the UK average*.
 
Sustainable growth matched with a 7% reduction in noise footprint
-    Gatwick's continued growth has been balanced with a reduction in the number of local residents within the airport's noise footprint.
-    Improved operational procedures and the introduction of new, quieter aircraft led to a 7% reduction in the size of Gatwick's noise footprint (54dBA Leq) in 2018 compared to the previous year, according to Civil Aviation Authority findings**.
-    In June 2018, Gatwick became the first airport to secure 'Zero Waste to Landfill' accreditation from the Carbon Trust and was recertified as a carbon neutral airport.
  
Gatwick Airport, Chief Executive Officer, Stewart Wingate said:
"Today's results underline our ambition to be a thriving global airport which continues to invest in our passengers and local communities, while strongly supporting UK plc.
"Over the last year, we have achieved strong passenger growth matched by a reduction in our local noise footprint; robust financial results matched by record levels of investment back into the airport; and growing global connections fuelling increased trade and tourism opportunities.
"These strong results give us a firm foundation for future sustainable growth and later this year we look forward to publishing our final master plan which will help set the long-term growth and development plan for Gatwick."
In May 2019 London Gatwick announced a new chapter in its ownership as VINCI Airports completed the purchase of a 50.01% stake in the airport. Global Infrastructure Partners (GIP) will continue to manage the remaining 49.99% interest in Gatwick.
 
For further information please contact




Media enquiries


Laura Tattam


07791 621255




Investor enquiries


Jeeten Patel


07971 343609




Visit www.gatwickairport.com/investor to download a copy of our Annual Report and financial statements for the year ended 31 March 2019 and our 31 March 2019 results presentation.
About Gatwick Airport
Gatwick Airport is the UK's second largest airport. It serves more than 230 destinations in 74 countries for 46 million passengers a year on short and long-haul point-to-point services. Gatwick is also a major economic driver and generates around 85,000 jobs nationally, with 24,000 of these located on the airport. The airport is south of Central London with excellent public transport links, including the Gatwick Express, and is part of the Oyster contactless payment network.
Gatwick's 2018 draft master plan sets out proposals for the airport's ongoing development and sustainable growth. It also outlines the airport's latest thinking on how it can meet the increasing demand for air travel and provide Britain with enhanced global connectivity. A 12-week public consultation closed on 10 January 2019, and a consultation response summary and final master plan will be published later in 2019.
 
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