Heathrow reports £2.0bn annual loss
Heathrow Airport reported an annual loss of £2.0bn on Wednesday, underlining "the devastating impact" of the Covid-19 pandemic on the aviation industry.
Passenger numbers collapsed to 22.1m, more than half of those seen in January and February alone, dragging overall revenues down 62% to £1.2bn and adjusted underlying earnings to £270.0m.
The airport also witnessed a 28% decline in cargo volumes.
Heathrow said it had "acted quickly" to cut gross operating costs by nearly £400.0m, reduce capital expenditure by £700.0m and raised £2.5bn in funding, including a £600.0m capital injection, with the business ending the year with £3.9bn of liquidity, enough to see it through until 2023.
Chief executive John Holland-Kaye said: "2020 has been one of our most challenging years – but despite £2.0bn of losses and shrinking to passenger levels we haven't seen since the 70s, I am hugely proud of the way that our colleagues have kept our passengers safe and the UK's hub airport open for vital supplies throughout.
"We can be hopeful for 2021, with Britain on the cusp of becoming the first country in the world to safely resume international travel and trade at scale. Getting aviation moving again will save thousands of jobs and reinvigorate the economy, and Heathrow will be working with the Global Travel Taskforce to develop a robust plan underpinned by science and backed by industry."