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Airports operator BAA today declared the worst is over for the aviation industry despite reporting widening losses.
Chief executive Colin Matthews said: “The worst is now past. Passenger numbers at Heathrow have started to rise again, up 0.3% in the quarter.”
The owner of Heathrow and Stansted was hit by huge writedowns: losing £225 million on Gatwick, which it sold last week for £1.5 billion, and taking a £261.7 million pensions hit.
This pushed the company, owned by Spain's Ferrovial, £784.7 million into the red in the nine months to the end of September. But revenues jumped by 7.6% to £1.8 billion thanks to higher take-off and landing charges.
Matthews defended the higher tariffs which come at a bleak time for the airline industry. He said: “The recession is exactly the time to be investing in our airports.”
