Airport operator BAA reduced its losses in the first six months of 2011 by nearly 11%.
The airport recorded an overall pre-tax loss of £249.2 million between January and June, a £30.5 million improvement on the £279.7 million pre-tax loss recorded over the same period in 2010.
The improved finances were helped along by record passenger numbers at Heathrow – the number of people travelling through the airport in the first half of 2011 was 32.9 million, a 9.1% rise on H1 2010.
The overall rise in passenger traffic for the period across BAA’s six airports was 7.1%, to 41.4 million.
Colin Matthews, BAA’s CEO, the improved results reflect “record passenger numbers, increased revenue per passenger and good cost control”.
Despite the positive half-year results, trouble lies ahead for the airport operator, after it was told by the Competition Commission that it must put Stansted Airport on the market by October, followed by either Glasgow or Edinburgh.
In today’s (July 27) results announcement, BAA has confirmed it is considering a judicial review.