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BAA performs well in tough times
BAA chief executive Mike Hodgkinson has said the company has performed well despite “challenging trading conditions.”
The company’s annual results for the year to March 31 reveal that passenger numbers fell by 2.2% to 121.9 million due to the US economic slowdown, impact of the foot and mouth epidemic and September 11. North Atlantic traffic, fell by 38% immediately after September 11, although improved to be down by 8.9% for the combined months of March and April. In Europe – BAA’s largest market representing 53% of passengers – numbers remained steady (up 0.3%).
Profits before tax fell by 6.4% to £512 million. A strong retail performance helped to balance some of the damage caused by fewer passengers with net retail income per passenger increasing by 4% to £3.95.
Mr Hodgkinson said: “The last financial year was without precedent. The aviation industry faced the toughest conditions for a decade. The industry is restructuring, with some airlines having gone out of business and others doing better than ever before. However, aviation remains fundamentally a long-term growth business.”
Mr Hodgkinson added that he expected passenger traffic through Heathrow, Gatwick and Stansted to increase from 105 million in 2001/02 to 153 million in 2012/13.
BAA has already announced details of an £8.1billion investment programme for the south east – including £3.7billion for the construction of terminal five.
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