Gatwick Airport returns to profit for first time since pandemic
Gatwick Airport is revising its 2022 traffic forecast to 32.8 million passengers following a better than expected first half of the year.
Despite the encouraging signs, the airport notes that current macro-economic uncertainty such as inflation could yet impact these forecasts.
Passenger demand for quarter two of this year, following the removal of all UK travel restrictions, was 74.3 per cent of pre-pandemic, 2019 levels, while for the half year it was 59.1 per cent.
In total, 131 million passengers passed through the airport during the first six months of 2022, generating a revenue of £291.5 million for the six months ending 30 June.
This has seen the airport return to profitability for the first time since the pandemic, with a profit after tax of £50.6 million.
The airport has also completed the resurfacing of its main runway, improving its resilience, and wider developments at the airport are on track to be completed in 2023.
In March, the South Terminal opened for the first time since 15 June 2020, an operation likened to opening a medium-sized airport overnight.
While chaotic scenes have been observed at a number of UK airports, Gatwick has been able to avoid the bulk of these issues by gradually increasing its declared capacity and hiring over 400 new security staff.
Not only has this meant the airport avoided further moderation of its flight programme, it has also been able to provide staff to help in other airports.
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Along with its recovery, Gatwick has grown its long-haul network of flights, with 40 routes now announced. As well as new airlines such as Norse and Bamboo flying to New York and Hanoi respectively, a new service to cape town is being offered by British Airways and JetBlue have added a Boston route on top of their existing New York one.
Stewart Wingate, Chief Executive Officer, Gatwick Airport said: “We still have some way to go, but strong demand has fast-tracked Gatwick’s recovery from the pandemic, particularly in the last quarter since all UK travel restrictions were removed. Air traffic volumes have reflected this strong passenger demand and have bounced back to around 75 per cent of pre-COVID levels.
“The unprecedented growth in traffic led to short term operational issues in June, however our decisive early action to limit the airport’s capacity in the crucial school holiday period of July and August has ensured passengers have experienced reliable flight timetables over the summer months. We are now very much operating business as usual and do not see any reason to extend the capacity declaration.”
“Despite some broad economic uncertainty, we are also looking forward to a successful second half to the year, with new, exciting airlines and routes coming online and continuous improvement in the high service standards Gatwick is known for.”
Read more - Gatwick Airport adds new route to Vietnam with Bamboo Airways
