BAA losses up on Gatwick sale loss / pension costs

22.02.10

BAA reported pre-tax losses of £822m for 2009, much higher than the £324.2m loss in 2008. The airports operator said the increased loss was caused by increased pension deficits of £217.8m and a £277.3m loss from the sale of Gatwick.

Apart from these two exceptional charges, BAA was upbeat about its progress over the last year. Its revenues were up 8.3% at £1.98bn, boosted by a 7% gain in retail sales at Heathrow, despite passenger numbers down 3.8% overall at 85.9m, and down 1.5% at Heathrow.

Chief executive Colin Matthews said: ‘Our financial performance remains resilient, especially at Heathrow, which benefits from its position as the UK's only hub airport, higher retail spending and strong cost control. We expect 2010 to present more challenges for the industry. We remain focused on improving our efficiency and the service we offer customers.’

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