Luton Airport lifts TBI’s results

Wednesday, 26 Jun, 2002 0

The strong performance of Luton Airport helped airport operator TBI to report a 26% rise in pre-tax profits for the year ended March 31.

Pre-tax profits increased from £13.2m to £16.6m, with passenger numbers at the company’s UK airports up 7% to 12m. TBI chief executive Keith Brooks said that the acquisition of an increased stake in Luton Airport last March had “significantly aided” the results, but added that the airport’s “full potential is still far from being realised.”

Mr Brooks commented: “It [Luton] has as large and prosperous a catchment area as any airport in the UK and good travel links to London. It is London’s natural fourth airport, as borne out by almost 7 million passengers who use the airport.

“The challenge is for the UK government and its agencies to acknowledge the same when attempting to resolve the massive disparity between predicted passenger growth and the existing restricted runway capacity in South East England.”

Mr Brooks pointed out that airport’s long running dispute with easyJet over landing charges was now in the past, with the no-frills carrier signing a new 20 year agreement which came into effect on October 1. He also pointed out that easyJet had started its new service to Paris this month – its first new route from the airport since 1999.

Commenting on the future prospects for the sector, Mr Brooks said: “2001 was in many ways a watershed for the aviation industry, and the beginning of a different dynamic in air travel. The shape of the airline industry, the way airlines operate and the way passengers choose to travel have all changed. In our view, that is a process which has only just started and which is set to continue for some time.”

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