TIDM79IU
RNS Number : 7825K
Gatwick Funding Limited
30 August 2023
RNS Number: 7825K
Gatwick Funding Limited
30 August 2023
Issuer: Gatwick Funding Limited
Date: 30 August 2023
Gatwick Funding Limited (the "Issuer")
a company incorporated in Jersey (registered number 107376)
Half year results publication - Gatwick Airport
The Issuer's parent, Ivy Holdco Limited, today published its
report and unaudited condensed interim consolidated financial
statements for the six months ended 30 June 2023.
The Ivy Holdco Limited report and unaudited condensed interim
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 .
London Gatwick delivers strong start to 2023 results with
strengthened destination network
-- Strong financial performance in first half of 2023
-- Nearly 50 airlines fly from the airport to over 200
destinations, including 50 long-haul routes
-- Working with airport partners to improve on time performance.
-- S ix-year investment plan sets out improvements to develop infrastructure and facilities
-- Northern Runway plan submitted and accepted by the Planning inspectorate for examination
Despite a challenging operational environment, strong demand for
travel continued in the first half of 2023 at London Gatwick.
Supported by hard work from frontline colleagues, revenue
increased in the first half of 2023, compared to 2022, and the
business achieved an improved EBITDA and increased net profit, t he
airport said today when publishing its interim financial
results.
2023 interim results include:
-- 18.5 million passengers travelled through the airport in the
first six months of 2023, up 41% compared to the same period in
2022. However, traffic was heavily impacted by COVID-19 travel
restrictions, particularly in Q1 2022.
-- GBP423.3 million revenue, up 45% compared to 2022. Includes
GBP212.7 million aeronautical income and GBP210.6 million from
non-aeronautical sources, such as retail and parking
-- Operating costs (excluding depreciation, amortisation and
exceptional costs) were GBP187.6 million for the period, up 31% on
2022
-- EBITDA at GBP235.7m, up 59% on 2022, with net profit for the
period at GBP79.1 million, up 56%
Challenging operational environment in Europe
While air traffic movements at London Gatwick remain below
pre-pandemic levels at 86% for the period, a greater number of air
traffic control restrictions than normal, across large parts of
Europe affected on time performance. Restrictions are put in place
to manage and smooth out the flow of congested air traffic.
London Gatwick is working with airlines and ground handlers to
ensure aircraft are ready to go for the first wave of departures
early in the morning and throughout the rest of the day. The
airport also took proactive action to prevent ground handling
industrial action this summer, ensuring flights could continue as
normal.
A further 200 security officers were recruited ahead of the busy
summer period, which helped the airport get 98% of passengers
through security in less than five minutes. The airport also hit
99.6% of all measured service level requirements during the
period.
Future sustainable growth
London Gatwick has published a six-year Capital Investment
Programme setting out significant improvements to develop and
enhance airport infrastructure and facilities, while also meeting
the airport's sustainability goals. The programme has been
consulted on and agreed with airlines, and includes:
-- Investing over GBP250 million to meet the commitment to
become a net zero airport by 2030 (for Scope 1 and 2 emissions),
including replacing over 100 gas boilers
-- A GBP120 million-plus extension to the existing Pier 6 in the
North Terminal to provide eight new pier-served aircraft stands
-- A GBP70 million programme to rehabilitate airport taxiways,
with airfield resilience improved further with a new Rapid Exit
Taxiway, reducing runway occupancy and aircraft taxi times
-- A new GBP44.2 million, 3,250 space new multi storey car park
in the North Terminal, due to open in Autumn 2024
-- A GBP10-million pound plus redevelopment of the North
Terminal departure lounge due to complete in 2024
London Gatwick's planning application (known as a Development
Consent Order (DCO)) to bring its existing Northern Runway into
routine use was also accepted for detailed examination by the
Planning Inspectorate on 3 August and will now be scrutinised in
detail by a panel of independent inspectors. A successful
application would bring both resilience and additional capacity,
while also generating around 14,000 new jobs and GBP1 billion for
the region's economy every year.
Stewart Wingate, Chief Executive Officer, London Gatwick, 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."
NOTES
1. Recent additions to London 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 Beijing and Saudia services
to Jeddah.
2. A CAA consultation recently closed on London Gatwick's
proposal to extend the airport's existing 'Contract and
Commitments' framework. The proposal will provide airlines with
certainty so they can better plan, invest and grow, while also
securing great service, choice and competitive pricing for
passengers.
3. The major redevelopment of London Gatwick's train station
will complete in coming months, and will improve accessibility,
reduce overcrowding and help 50% of passengers get to and from the
airport by rail by 2030.
4. The airport also launched a refreshed brand and vision in the first half of the year, strengthening its focus on simplifying the passenger journey.
About Gatwick Airport
Gatwick is the UK's second largest airport and is a vital piece
of national infrastructure that helps drive both the regional and
national economy. More than 40 airlines fly from the airport to
over 150 short-haul and more than 45 long-haul destinations. The
airport is focused on rebuilding and growing sustainably in the
long term. It has ambitious plans to be a net zero airport by 2030
and increase capacity by bringing its Northern runway into routine
use. Vinci Airports owns a 50.01% stake in the airport, with Global
Infrastructure Partners managing the remaining 49.99% interest.
About VINCI Airports
The world's leading private airport operator, VINCI Airports
operates 72 airports in 13 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 emissions across its entire network by
2050.
For more information:
www.vinci-airports.com
@VINCIAirports
https://www.linkedin.com/company/vinci-airports/
About Global Infrastructure Partners
Global Infrastructure Partners (GIP) 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. With decarbonization central to our investment thesis, we
are well positioned to support the global energy transition.
Headquartered in New York, GIP has offices in Brisbane, Dallas,
Delhi, Hong Kong, London, Melbourne, Mumbai, Singapore, Stamford
and Sydney.
GIP has approximately $100 billion in assets under management.
Our portfolio companies have combined annual revenues of
approximately $80 billion and employ over 100,000 people. We
believe that our focus on real infrastructure assets, combined with
our deep proprietary origination network and comprehensive
operational expertise, enables us to be responsible stewards of our
investors' capital and to create positive economic impact for
communities. For more information, visit www.global-infra.com.
END
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