Heathrow annual losses halve to £684m as pandemic recovery gathers speed
The UK’s largest airport says it expects 2023 to be one of “renewal” after three years of disruption caused by the COVID pandemic.
James Sillars
Business reporter @SkyNewsBiz
Thursday 23 February 2023 10:19, UK
Heathrow Airport CEO John Holland-Kaye speaks at a news conference at Heathrow Airport in London, Britain, May 17, 2021. REUTERS/John Sibley
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Heathrow Airport has revealed that its annual losses almost halved in 2022 as its recovery from the COVID pandemic gathered speed despite a series of troubles, including a lack of staff.
The west London hub reported an adjusted loss before tax of £684m compared to the £1.27bn red figure recorded over the previous 12 months.
It said that the improvement was largely down to growth in passenger numbers, which trebled to 62 million compared to the dearth in demand witnessed during the public health emergency.
That figure, however, remains 25% down on the pre-pandemic year of 2019.
Traveller volumes could have been better but for insufficient staff in key areas – a problem, Heathrow said, that had now been largely eradicated.
To boost reliability last summer, the airport imposed a cap on passenger numbers at airlines – many of which were also short of personnel – to ease backlogs and prevent cancellations.
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“Over 25,000 people have started work at Heathrow in the last 18 months and resource levels are now close to pre-pandemic levels,” its statement said.
“The focus is now on improving skills, experience and building resilience. We are seeing the benefits in a successful Christmas and half-term getaway.”
John Holland-Kaye, the outgoing chief executive of Heathrow, added: “2022 may have been a year of recovery, but 2023 is shaping up to be a year of renewal for Heathrow.
“Our teams have already delivered a successful Christmas and half-term getaway, and with a great investment plan in place, we are determined to once again rank in the top 10 airports for service.”
Heathrow, which is owned by Spanish group Ferrovial, the Qatar Investment Authority and other investors, said no dividends were paid in 2022 and none were planned for 2023 as its financing remained “conservative”.
