Cargo at Gatwick grows 23% as profits pass £140m

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Cargo volumes have increased 23.3 per cent at Gatwick Airport and profits before tax are up to £140.7 million ($186.7 million).

For the six months ending 30 September 2017, cargo was up helped the airport’s expanding long haul network, including flights to Singapore, Seattle and Denver operated by Norwegian, and RwandAir flights to Kigali.

Before the end of the financial year, Norwegian plans new routes to Buenos Aires, Chicago and Austin, and China Airlines will start flying to Taipei.

Revenue was up 5.5 per cent to £469.7 million, EBITDA by 9.9 per cent to £290.6 million and profits before tax rose from £116 million to £140.7 million.

The airport says growth comes from a combination of more aircraft, which are also bigger and fuller, able to fly further with extra capacity compared to previous years.

Gatwick Airport chief executive officer, Stewart Wingate says: “As we prepare for Brexit, it is critical that we continue to grow our long haul links in addition to connections within the UK and Europe. Our results show significant cargo growth on the back of our ever strengthening long haul network.”

He adds: “We are currently preparing our full submission to the Government’s re-opened National Policy Statement consultation. We are planning future submissions to support the Aviation Strategy in which we will detail the plans we have to continue to make best use of the airport’s existing facilities.”

Wingate says the growth continues to demonstrate the need for a second runway at Gatwick, saying: “Gatwick is ready to play an increased global role for Britain as we grow. Gatwick is prepared to build our financeable and deliverable second runway scheme so that Britain can reap the benefits of greater global connectivity faster.”