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BAA (SP) Limited results for the year ended 31st, December 2011
Feb 22, 2012
Airports
BAA (SP) Limited owns BAA’s the two London airports of Heathrow and Stansted.
Highlights:
Heathrow operating at full capacity as it achieves record annual traffic
87.4 million passengers at Heathrow and Stansted with 2 per cent underlying growth at Heathrow
Strong service performance with highest ever passenger satisfaction at Heathrow
Revenue up 9.9 per cent reflecting higher tariffs and continued strong retail performance
Adjusted EBITDA up 17.1 per cent enabling continued significant Heathrow capital investment
Further increase in profitability and investment anticipated in 2012
Capital structure strengthened with £3 billion in new financing raised in last 12 months
New £2 billion Terminal 2 to deliver further state of the art facilities from 2014.
Colin Matthews, Chief Executive Officer of BAA, said: "BAA delivered a strong operational performance in 2011 with record traffic levels and high service standards at Heathrow. Last year saw Heathrow’s best punctuality performance in over a decade and the international Airport Service Quality passenger survey showed that 70% of Heathrow’s passengers rated their experience as ‘Excellent’ or ‘Very Good’, compared with just 41 per cent when the Ferrovial-led consortium bought BAA in 2006. We continued to invest significantly in further improving our airports during 2011, particularly on the new Heathrow Terminal 2.
“The group’s financial position has been strengthened with £3 billion in new financing completed in the last 12 months and we have fully repaid our £4.4 billion bank bridge loan nearly two years early.
“We are pleased that the UK Government recognised the importance of a successful hub airport to UK economic growth in its Autumn statement. All potential solutions to the UK’s lack of hub airport capacity have their pros and cons and all should be on the table to ensure the right solution is found for both the short and long term.”
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