POST Online Media Lite Edition



 

Heathrow no longer Europe's biggest airport, Q3 revenue fell 72%

Christian Fernsby |
For the first time, Paris Charles de Gaulle has overtaken Heathrow as Europe’s largest airport, with Amsterdam Schiphol and Frankfurt close behind.

Article continues below



Topics: HEATHROW   

All three continental rivals have implemented testing regimes.

The UK Government has announced an intention to introduce testing for passengers from high risk countries by 1st December to help restart the UK economy.

Passenger numbers in Q3 remained down over 84%.

Q3 revenue fell 72% to £239 million and Q3 adjusted EBITDA fell to £37 million.

Liquidity at the end of September has been boosted further in October to £4.5bn.

Cash reserves are sufficient for the next 12 months even under an extreme scenario with no revenue, and well into 2023 under our current forecast.

Heathrow is price regulated, with a return set not by the market but by the regulator based on assumptions with limited upside and limited downside.

Heathrow CEO John Holland-Kaye said: “Britain is falling behind because we’ve been too slow to embrace passenger testing. European leaders acted quicker and now their economies are reaping the benefits. Paris has overtaken Heathrow as Europe’s largest airport for the first time ever, and Frankfurt and Amsterdam are quickly gaining ground."