BAA reduces losses despite ash, strikes and snow
BAA has managed to take a chunk out of its losses in 2010 despite the impact of volcanic ash, strikes and snow.
It managed to reduce its loss from £822 million in 2009 to £317m in 2010.
The airports operator continues to suffer a loss because it has to pay high interest charges to service debts incurred when Spanish firm Ferrovial bought BAA in 2006.
Chief executive Colin Matthews said: “We delivered a robust financial performance in 2010, despite the volcanic ash, strikes and snow that affected major airports across Europe and North America.
“Strong passenger growth at Heathrow in the second half of the year reflected the ongoing improvement in the global economic climate.
“In 2011, we expect to deliver a strong increase in profits and cash flow, enabling us to make further investments in improving facilities and further strengthening our financial position.”
The disruption in 2010 meant passenger numbers were down 2.8 million on the previous year, most of these lost to Heathrow.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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