TIDM79IU
RNS Number : 0762E
Gatwick Funding Limited
09 March 2022
Gatwick Funding Limited
9 March 2022
Issuer: Gatwick Funding Limited
Date: 9 March 2022
Gatwick Funding Limited (the "Issuer")
a company incorporated in Jersey (registered number 107376)
Annual results publication - Ivy Holdco Limited
The Issuer's parent, Ivy Holdco Limited, today publishes its
Annual Report and consolidated financial statements for the year
ended 31 December 2021.
The Ivy Holdco Limited report and financial statements
consolidate the results of Ivy Holdco Limited, the Issuer, Ivy
Bidco Limited and Gatwick Airport Limited. These financial
statements and a related investor presentation are available on the
Gatwick Airport Limited website at www.gatwickairport.com/investor
.
Gatwick looking forward to a strong summer - and will reopen its
South Terminal later this month to meet demand - as airport
publishes annual results
-- A stronger second half to the year - and considerably reduced
operating costs - sees Gatwick's annual losses fall in 2021,
despite fewer annual passengers
-- Airport looking forward to a strong summer season following a
positive Government decision on airport slot regulations and the
relaxation of travel and testing restrictions
-- Gatwick's South Terminal due to open on March 27 to meet demand
-- Stewart Wingate, Gatwick CEO, urges Government to make 2022
the year when all travel restrictions are removed, including the
unpopular Passenger Locater Form
Despite continually changing travel restrictions - and the
emergence of the Omicron variant - an encouraging end to 2021 saw
passenger numbers at Gatwick exceed 1 million in August, September,
October, and December - helping reduce the airport's annual losses
to GBP370.6 million for the year ended 31 December 2021 - compared
to a GBP465.5 million loss in the previous year.
UK lockdowns and widespread international travel restrictions
led to a 38.5% reduction in total annual passenger numbers at
Gatwick, which hit 6.3 million passengers for the year, compared to
10.2 million previously. The reduced total passenger numbers
generated a negative EBITDA at -GBP26.3m.
The airport was able to offset the impact of reduced total
passenger numbers - and maximise the benefits of a stronger second
half to the year - through actions taken in 2020 to significantly
reduce operating costs, including consolidating all air traffic and
passengers into the North Terminal.
Following the UK Government's decision to return discipline to
the airport slot regulations and a series of significantly
increased airline flying programmes by its airlines, Gatwick will
reopen its South Terminal later this month - on Sunday 27 March -
and will continue its recruitment campaign to help meet the
expected strong demand for air travel this summer and beyond.
Gatwick and its partners - airlines, ground handlers, retailers,
cafes and bars etc - have been recruiting for more than 2000 new
posts over recent months, providing a much needed boost for local
communities across the region.
Significant increases in short-haul flying programmes from the
airport indicate a strong 2022 summer season, with easyJet's
leasing of BA slots giving the airline their greatest capacity ever
at Gatwick with 120 routes utilising 79 Gatwick-based aircraft. The
return of BA's short haul operations will also see 18 aircraft
flying 35 short haul routes under their Euroflyer brand, five
Gatwick-based Wizz Air aircraft will support their inbound services
for a total of 25 routes and Vueling will serve a total of 16
routes, basing two aircraft at Gatwick.
Long haul traffic has also seen strong demand for leisure
markets when restrictions allowed, with Caribbean destinations
operated by BA and TUI remaining strong throughout 2021. The second
half of 2021 also saw WestJet and Air Transat restart services to
Canada, BA and TUI restart services to destinations in Florida,
Emirates restart daily services to Dubai (this is now double daily)
- with other long-haul markets also re-established to Mexico,
Mauritius, Costa Rica, Aruba and Qatar.
Two new long-haul airlines also started at Gatwick towards the
end of 2021, with JetBlue flying services to New York and Scoot
(part of the Singapore Airlines group) flying to Bangkok.
Gatwick also took steps in 2021 to secure the airport's
longer-term future by completing a twelve-week public consultation
on the proposal to bring its existing Northern Runway into routine
use, alongside its Main Runway, by summer 2029 for departing
aircraft.
Stewart Wingate, CEO, Gatwick Airport, said: "As it was for many
airports, 2021 was a difficult year for Gatwick but, despite
constantly changing travel restrictions and the emerging Omicron
variant, we managed to end the year strongly and reduced our losses
compared to the previous year.
"Today, we find ourselves in a very different position. Major
announcements from our airlines about significantly increased
flying schedules, and from Government on airport slot regulations
and the relaxation of travel restrictions, mean we are now looking
forward to a strong Summer. We're currently focussed on reopening
our South Terminal to ensure we can meet this expected strong
demand and we are looking forward to welcoming back passengers in
increasingly larger numbers.
"The rebounding of international connectivity toward
pre-pandemic levels will boost job and business opportunities,
which is great news for many in our local communities and beyond.
However, fully restoring consumer confidence will take time and I
urge Government to make 2022 the year when all travel restrictions
are removed completely, including the unpopular passenger locator
form."
For further information please contact
Gatwick Airport Press
Media enquiries Office +44 (0)1293 505000
Steve Wirths +44 ( 0 )1293 968827
Investor enquiries Lloyd Garrett +44 (0)1293 965447
Further information on the financial results and the associated
investor presentation can be found at
www.gatwickairport.com/investor
About Gatwick Airport
Gatwick is the UK's second largest airport and flies a range of
both short and long-haul point-to-point services. The airport is a
vital piece of the UK's national infrastructure and is also a major
driver for both the regional and national economies. In 2019, a new
long-term partnership was formed with VINCI Airports which
purchased a 50.01% stake in the airport.
About VINCI Airports
The world's leading private airport operator, VINCI Airports
operates 53 airports in 12 countries in Europe, Asia and the
Americas. Thanks to its expertise as a global integrator, VINCI
Airports develops, finances, builds and manages airports by
providing its investment capacity and its know-how in optimizing
operational performance, modernizing infrastructures and managing
their operations environmental transition. VINCI Airports is the
first airport operator to have committed to an international
environmental strategy in 2016, to achieve the goal of net zero
emissions across its entire network by 2050.
For more information: www.vinci-airports.com @VINCIAirports
www.linkedin.com/company/vinci-airports/
About Global Infrastructure Partners (GIP)
GIP manages the remaining 49.99% interest in Gatwick, is an
independent infrastructure investor that makes equity investments
in high quality infrastructure assets in the energy, transport and
water/waste sectors. GIP has US$68 billion of Assets under
Management. Its 41 portfolio companies operate in over 51 countries
with more than 67,000 employees and generate annual revenues of
circa US$51 billion. For more information on GIP please visit
http://global-infra.com
END
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