Heathrow’s 2022 results
Heathrow airport recently published its full year results for 2022. On an unadjusted basis, it was the first full year profit since 2019. But the airport preferred to highlight an adjusted loss before tax of £684m, mindful of its ongoing row with its regulator the CAA about airport charges. How did the results stack up against pre-pandemic levels? And what might the CAA’s new charges mean for future profitability?
Heathrow charges to fall by almost 20% in 2024
Heathrow airport’s regulator, the CAA, finally published its decision on charges for the next three years. Charges are set to fall by almost 20% next year as passenger volumes recover. I took a look at some of assumptions behind the headline figures.
Full year Heathrow passenger figures for 2022
We now have the final passenger number figures for Heathrow in 2022. How did they compare to forecasts and what might be achieved in 2023?
How comparable are aircraft ownership and maintenance costs across airlines?
We often see big differences in aircraft ownership and maintenance costs between airlines. How much of this is driven by different accounting policies and by choices about how to finance the aircraft?
Heathrow: the hedge fund with an airport attached
Heathrow's results for the 9 months ending September 2022 showed a profit before tax of £643m. But the management preferred to focus on the "adjusted" loss before tax of £442m. So is the airport making lots of money, or is it heavily loss-making? I took a look.
Heathrow: taking stock after the pandemic
What kind of shape is Western Europe's biggest hub in as it emerges from the pandemic? Was it a relative winner, or a loser? And what are the prospects now of proceeding with the long-delayed third runway project?
Normalising Q2 results for fuel and emissions hedging
Fuel hedging policies had a dramatic impact on Q2 airline results in Europe. Which airlines delivered the best results? And how much of that was down to hedging policies?
Heathrow passenger numbers rebound in April
Heathrow's April passenger numbers hit 75% of pre-pandemic levels, but it is still telling its regulator that it will achieve only 65% for the full year and needs higher charges. Airlines were not impressed.
Can Heathrow reclaim its crown as the biggest airport in Europe?
Heathrow airport has fallen behind its two main European competitors during the pandemic. Can it get back to its former position as number one in Europe?
Heathrow’s Q3 results. Is it crying wolf to the CAA?
Heathrow airport has been pushing its regulator to allow it to offload its pandemic losses onto its customers, citing dire consequences if its request is not urgently addressed. What did the Q3 results published yesterday tell us about whether the airport's owners are crying wolf?
Heathrow pushed into big losses in Q2
Heathrow airport announced big losses in the second quarter, taking losses so far this year to over £1 billion. I looked behind the headline figures to see what the results tell us about what has being going on at the UK’s biggest airport in the middle of the worst aviation downturn in history.