London Gatwick reports strong start to 2024

London Gatwick reports strong start to 2024

The continued collaboration with partners and the hard work of front-line colleagues has supported London Gatwick's continued recovery and delivered a successful start to the year, the airport said when publishing its interim financial results.

2024 interim results include:

• 19.9 million passengers travelled through the airport, an increase of 7.7% compared to the same period in 2023
• Revenue at £488 million, up 15.3% compared to 2023. Includes £239 million in aeronautical income and £249 million from non-aeronautical sources, such as retail and parking
• EBITDA at £268 million, up 13.9% compared to 2023, with net profit for the period at £106 million, up 33.8%

Stewart Wingate, Chief Executive Officer, London Gatwick, said: “With the growing demand for travel, we are experiencing one of our busiest summers yet. Thanks to robust planning and close collaboration with our partners we’ve had a strong start to 2024, ensuring a reliable and enjoyable experience for our passengers.

“I am delighted that we have once again achieved good service levels, as evidenced by meeting 100% of our service measures. At the same time, through our Northern Runway Project, we are demonstrating our commitment to growing sustainably, in line with our Decade of Change sustainability strategy and government policy.

“Our teams have worked incredibly hard to achieve these results. As we continue to grow our network and offer more choice for passengers, we are working towards our vision to be the airport for everyone, whatever your journey.”

Strong financial performance as traffic continues to grow 

Peak holiday times are continuing to attract more people to travel, representing a 90% recovery on 2019 levels.

A focus on developing new long-haul routes across the Middle East, Asia and North America is attracting a wider range of passengers and continues to build on the airport’s vision to be the airport for everyone. Recent new services include the June introduction of Singapore Airlines flights from London Gatwick plus new routes by flag carriers to key cities across China and India. 

Sustainable growth

Longer term, the examination phase for London Gatwick’s planning application (Development Consent Order) to bring its existing Northern Runway into routine use will end next week, 27 August. If successful, the Northern Runway could be in routine use by the end of the decade. The plans are privately funded and work is largely contained within the airport boundary. It will deliver increased resilience and capacity for passengers, in line with the Department for Transport's policy, while generating around 14,000 new jobs and £1 billion for the economy every year.

The airport recently announced the London Gatwick Hydrogen Hub - a partnership with Airbus, easyJet and Air Products - as a significant first step towards achieving zero-carbon flights. This builds on London Gatwick’s existing commitment to be net zero for Scope 1 and Scope 2 emissions by 2030 and other initiatives announced earlier in the year, such as the opening of GRIDSERVE electric vehicle charging forecourt and swapping diesel for Hydrotreated Vegetable Oil (HVO) in airport vehicles, which will save more than 950 tonnes of carbon emissions every year.  

Delivering a successful summer operation and passenger experience

Passengers have enjoyed a reliable airport experience so far this summer, with operational performance meeting 100% of the 276 agreed service measures. This includes 96.6% of passengers passing through security in five minutes or less, and working in partnership with our special assistance provider Wilson James, meeting all requirements to help passengers needing assistance. Continued collaboration with air traffic control provider, NATS, has ensured the tower is operating well and has the required resources to deliver this year’s busy summer schedule for airlines and passengers.

The food and beverage offering continues to expand and now includes Pizza Express, Big Smoke and Black Sheep Coffee. Building on the airport’s commitment to provide a more efficient experience, passengers are benefiting from a more spacious redeveloped train station for the first time this summer.

Service and airline commitments

The CAA launched a consultation with airlines earlier this month, on London Gatwick’s proposal to extend the Commitments Framework until 31 March 2029. With a decision expected to be reached by the end of 2024, the extension will deliver significant benefits to passengers and airlines while encouraging long-term investment in sustainable growth, all under a lower price ceiling.

 Gatwick Airport Report

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NOTES

1. Recent additions to London Gatwick’s long-haul network include Singapore Airlines flying five times per week to Changi Airport, Air India adding a five-times weekly service to Bengaluru, a daily Air China flight to Beijing, and China Southern's new three-times weekly service to Guangzhou. WestJet now fly to Halifax (4x weekly) and St Johns (3x weekly) in Canada.
2. In terms of short-haul, London Gatwick has broadened connectivity across Europe, with new services to destinations including Gothenburg, Sweden (Norwegian), Vagar in the Faroe Islands (Atlantic Airways), Ponta Delgada in the Azores (Azores Airlines), Varna, Bulgaria (Wizz Air), and Salerno, Italy (easyJet).