Gatwick Airport swings to a loss after dramatic fall in passenger numbers

Gatwick Airport expects passenger numbers to return to pre-Covid levels by 2024, it said on Friday as it reported a slump in profits.

Gatwick Airport’s chief executive Stewart Wingate said: “Like any other international airport, the negative impact of Covid-19 on our passenger numbers and air traffic at the start of the year was dramatic.”

He added: “Although there are small signs of recovery, it is a trend we expect to continue to see.”

The UK’s second largest airport, which earlier this week said it is set to axe up to 600 jobs (approximately 24% of the current number of staff), has been impacted by lockdowns, travel restrictions, quarantine concerns and worries about the virus.

In the six months to June 30 it saw 7.5 million passengers travel through the airport, down 66% from the same period last year.

It recorded a pre-tax loss of £343.9 million, compared to a profit of £59.4 million. Underlying profits decreased by £181.5 million or 98.3%.

Passenger numbers are expected to return to 2019 levels by 2024 for the airport which is owned by US investment fund Global Infrastructure Partners and France’s airport giant Vinci.

Wingate said: “Despite the immediate challenges I remain resolutely optimistic that Gatwick will recover and retain its position as one of the UK’s leading travel hubs and economic driver for the region.”