Heathrow Airport, Britain's busiest hub, has today reported a smaller annual loss, as it continues to recover from the pandemic.
But it said its underlying profitability was impacted by inflation and lower passenger numbers.
For 2022, Heathrow's adjusted loss before tax narrowed to £684m from the £1.27 billion loss it made in the year earlier period, which was affected by pandemic travel restrictions.
Heathrow, which is owned by Spanish group Ferrovial and Qatar Investment Authority plus other investors, said no dividends were paid in 2022 and none were planned for 2023 as its financing remains conservative.
Heathrow said passenger numbers trebled to 61.6 million passengers, compared to the airport's forecast for it to serve 60-62 million people. That forecast represented 25% fewer than 2019, the year before Covid-19.
The company, which had to impose a cap on passengers numbers due to staff shortages last year, said its outlook for 2023 was consistent with the forecasts published in December.
