Heathrow airport makes profit for first time since pandemic

There was a 28.6% jump in passengers travelling through the south London airport's terminals last year. Credit: PA Images

Heathrow has returned to profit for the first time since global travel was halted during the pandemic.

The owners of the south London airport reported underlying pre-tax profits of £38 million in 2023, against losses of £684 million the previous year.

The profits mark the first time it has made a profit since 2019, thanks to a bounce-back in international travel.

It saw a 28.6% jump in passengers travelling through its terminals, to 79.2 million, capped off by a strong end to the year- its busiest-ever December.

Heathrow forecast that a record number of passengers would use the airport this year, pencilling in a rise to 81.4 million in 2024.

The airport’s current busiest year was 2019, before the coronavirus pandemic, when passenger numbers reached 80.9 million.

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But the group said it was being hampered by the “huge cost challenge” set by the UK aviation regulator, having been a vocal critic of the Civil Aviation Authority’s move not to allow it to raise its landing fees further.

Thomas Woldbye, Heathrow’s recently appointed chief executive, said: “2023 was a good year for Heathrow from a challenging start to a great finish.

“We delivered much improved service for our customers, and managed to turn a small profit after three consecutive years of losses.

“That’s a great platform to build on, although in 2024 we are expected to deliver even further improved service to more passengers, but with airport charges cut by 20% in real terms."