UK. Heathrow Airport today reported financial results for 2024, with retail revenue climbing by +10.6% year-on-year to £772 million (US$977 million). The figure outstripped passenger growth of +5.9%, with volumes reaching 83.9 million.
Retail revenue, which includes retail concessions and car parking, was driven by higher numbers of departing passengers and an increased use of premium services, said the airport company.
Total group revenue decreased by -3.5% to £3.6 billion (US$4.5 billion), while Adjusted EBITDA fell -8.7% to £2 billion (US$2.6 billion) due to lower aeronautical charges set by the Civil Aviation Authority and increased adjusted operation costs from rising demand and inflationary pressures. Heathrow recorded a £644 million (US$815 million) profit after tax, up +23% compared to 2023.
The company reaffirmed its plan to submit proposals for a third runway to the government this summer, adding that policy changes will be required to deliver it, “particularly around airspace modernisation, planning reform and adjustments to the regulatory model”.
Heathrow CEO Thomas Woldbye said: “2024 underscores why Heathrow is the UK’s gateway to growth. Our colleagues welcomed a record number of passengers with good service, cargo volumes increased +10% boosting British trade and we invested over £1 billion to improve facilities and boost resilience which creates more value for customers at Britain’s front door.
“Securing future economic growth means investing in the infrastructure that powers it. Over the next decade, we will be making the largest private investment in the UK’s transport network which will modernise Heathrow and unlock new capacity for growth. This will grow the economy, make Heathrow better for all of our customers and give the UK a competitive world-class hub fit for the future.” ✈
