London’s Gatwick Airport reported another strong set of passenger figures for the year, boosted by a string of new airlines making it its home and a revamp of its station.
The international hub near Crawley, West Sussex, said it had returned to traffic levels of 94 per cent of what they were in 2019—in July and October.
In its financial results, which were published today, the airport said 40.9m passengers travelled through its doors last year, which is 24.7 per cent up on the previous year.
It added that revenue was up 30.7 per cent while EBITDA (earnings before interest, taxes, depreciation, and amortisation) was at £617.7m, up 38.4 per cent.
Gatwick added that its profit for the period was £314.8m, up a staggering 69.9 per cent, while revenues from aeronautical income, retail, and even car parking were all up more than 30 per cent.
This comes after Gatwick Airport was hit by major problems at the end of last summer after its air traffic control system malfunctioned leading to mass disruption and cancellations. This led to criticism from major airlines, including British Airways.
The airport also suffered heavy losses during the pandemic and in the years after it, as international travel declined.
Among the key drivers of Gatwick’s success were the new airlines that made the hub their home. It said there are now 56 carriers flying to more than 200 destinations, with new long-haul options in 2023, including Air India, Delta, Saudia, Air Mauritius, Ethiopian Airlines, and China Southern. Gatwick said in the summer, it expects 85 long-haul services to fly to Asia each week, including 26 to China.
There was also increased service levels, with 97 per cent of passengers through security in under five minutes. Still, it did acknowledge it was “regrettable that disruption did occur in the airport’s control tower towards the end of the 2023 summer season.”
Gatwick also nodded to massive investment, which has improved service, including its new fully redeveloped train station. The station opened in November last year.
This was the first significant project in a series of infrastructure improvements, with other items including a new taxi exit to improve runway efficiency and timings. It is also redeveloping its north terminal lounge and building a new 3250-space multi-storey car park.
The airport also said there is a capital investment programme, including a quarter-of-a-billion pounds for net zero. Gatwick’s planning application to bring its northern runway into routine use alongside the main one is also in the pipeline. This is part of a £2.2bn infrastructure plan.
The airport said that this would help create 14,000 new jobs and add a billion pounds to the region each year.
Stewart Wingate, Chief Executive Officer, London Gatwick, said: “As ever, I want to thank every single colleague at London Gatwick for their hard work and contribution to our strong performance in 2023. The airport’s ongoing recovery was boosted by collaborative work with our airlines and partners and I’m proud that we continue to offer passengers a fantastic choice of airline and destination, whether flying short or long-haul.
“Combined, our strong performing airline, retail and other revenue streams means we can once again invest in substantial airport improvements. Passengers will already have seen our fully redeveloped train station, new shops, bars and restaurants, and more exciting developments will complete over coming months and years.
“Longer term, our Northern Runway plans are at a critical stage in the process and we will continue putting forward our strong case. Ensuring that all growth is achieved sustainably is of course an ongoing priority and we will keep demonstrating and evolving our commitment to reduce our environmental impacts, contribute positively to local communities and help the economy to thrive.”