BAA (SP) Limited, the owner of BAA’s two London airports of Heathrow and Stansted, today announces its results for the year ended 31 December 2011.
- Heathrow operating at full capacity as it achieves record annual traffic
- 87.4 million passengers at Heathrow and Stansted with 2% underlying growth at Heathrow
- Strong service performance with highest ever passenger satisfaction at Heathrow
- Revenue up 9.9% reflecting higher tariffs and continued strong retail performance
- Adjusted EBITDA up 17.1% 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% 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.