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Fliers may be grounded by the recession, but profits have taken off at air traffic controller NATS.
The part-Government owned group, in which seven airlines also hold a stake, said today pre-tax profits soared to £135.5 million in the year to the end of March from £66.7 million the previous year.
Revenues were up 3% to £767.3 million despite the company handling fewer flights.
The number of flights in UK airspace fell in the second half of its financial year as the downturn took its toll, but chief executive Paul Barron said the group benefited from cutting costs, renegotiating contracts, lower financing costs and linking its prices to inflation.
NATS was also boosted by the sale of the former Heathrow control tower, from which it pocketed £43.5 million. The company will distribute profits from the sale to shareholders as a dividend.
Lower traffic volumes helped the group reduce the average delay per flight for which it was to blame to just 19.3 seconds, from 26.8 seconds last year.
