Gatwick performance takes off under new ownership

Hotel News - 01/12/2011

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Global Infrastructure Partners (GIP), founded by Credit Suisse and General Electric, revealed this week that pre-tax half-year profits leading up to 30 September reached £32.1, more than tripling the £9.6 million seen prior, on a 15 per cent increase in revenues to £315 million.

The company, which acquired the airport from the BAA in 2009 for £1.5 billion, says its efforts to lure in new carriers have proven fruitful. Recent months have seen Air Asia X and Airberlin move their London-bound routes to Gatwick from the BAA-owned Stansted Airport. Similarly, GIP has seen the addition of several new routes from British Airways, Norwegian and other airlines currently operating at Gatwick.

GIP officials said the company will continue investing £20 million each month into the facility; this comes less than two weeks after the opening of Gatwick’s new North Terminal extension, as well as parking and security area improvements.

The firm also said that it has seen an 8.5 per cent increase in its year-on-year passenger figure to 19.7 million, whilst the BAA has reported growth of 7.6 per cent at the larger Heathrow airport during the same period.

Stewart Wingate, Gatwick’s chief executive, said it was essential that the airport continues to make the most of its sole runway in order to ensure further growth.

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