Gatwick seems to be to restoration following £465m loss | Information

Passenger numbers at Gatwick fell 78 per cent within the 12 months to December because the Covid-19 pandemic closed borders all over the world.

The airport remained open all through the pandemic; nonetheless, all income streams have been impacted, and the ability has reported a £465 million loss for the twelve-month interval.

Gatwick Airport, chief government, Stewart Wingate mentioned: “It’s going to come as no shock that, like another worldwide airport, the damaging affect of Covid-19 resulted in a monetary loss for the enterprise final 12 months which sadly additionally noticed us want to scale back our workforce by over 40 per cent.”

To enhance liquidity, Gatwick secured a £300 million mortgage with a consortium of banks in April, whereas the corporate has drawn £250 million below the Covid Company Financing Facility from the Financial institution of England.

A strategic discount in capital expenditure additionally noticed the airport defer over £380 million from the funding initially deliberate in 2020 and 2021.

Working prices have been decreased by over £140 million in 2020 by quite a lot of actions renegotiating contracts and consolidating all air site visitors and passengers into one terminal.

Wingate mentioned: “As a result of our swift actions the enterprise stays resilient and strong with our deal with making certain we’re greatest positioned to benefit from a return to worldwide journey this summer time.”

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