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| Heathrow Terminal 5 |
Your really have to hand it to the PR department financial report writers at Heathrow, readers would be forgiven for thinking that nothing ever goes wrong at Heathrow, although some passengers try to avoid Europes busiest airport like the plague. Admittedly some of the events are due to subcontractors and wholly unconnected industry problems elsewhere.
Despite well publicised baggage conveyor breakdowns - and hours after posting this, we now hear a power spike has caused the Terminal 5 baggage transit system to close down yet again, although this time its was only for a few minutes but enough for frustrated BA passengers to take to twitter:
Paul Simmonds wrote: 'British Airways in chaos again as baggage system breaks down, queues building.'
But after a short delay the system began operating as normal.
A spokesman for London Heathrow insisted there had been no delays to flights or passengers as a result.
Passengers complained of disruption this morning when the baggage system failed at T5.....
......A power surge in the National Grid outside of the airport caused the baggage system in Terminal 5 to be suspended for a few minutes. The system is now operating normally and there will be no delays to our flights or passengers as a result.'
Not to mention the British Airways computer system going into meltdown. London Heathrow Airport astonished some commentators by delivering they say 'strong service' and 'better value for passengers'.
They point to record punctuality and even claim baggage reliability supported its highest Q2 Airport Service Quality score of 4.16 as passenger charges fell 2.3%. Clearly the BA ongoing series of 'mixed fleet' strikes has increased traffic flow away from Gatwick with Heathrow picking up the diverted and rebooked traffic.
Helping the figures the airport notes that new New Flybe services and long haul destinations such as Portland and New Orleans enhance domestic connectivityand in theory open new trading routes to British exporters, however until brexit deals are fixed, no trade deals to exploit these new long haul destinations can be relied on.
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That whole brexit problem clearly not enhanced by the news that failed former Peterborough MP Stewart Jackson - not noted for his people skills - is now "effectively a civil servant" and part of the David Davis hastily formed Brexit department, the official confirmation finally sneaked out by Jackson earlier today in the local Peterborough newspaper.
No one can so far, find where this lucrative public position, pad for out of public funds was advertised, and the type of transparent recruitment process undertaken, to ensure value for money and if indeed Mr Jackson has the right temperament for such a sensitive negotiating position .
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Heathrow also underlines what they term booming activity with all-time records in passenger traffic - up 3.9% to 37.1 million - and cargo - up 9.1% to 0.82 million tonnes. The increase in cargo does however put extra pressure on the road network around Heathrow. Much of this cargo traffic could say some groups be transferred to other regional airports.
Strong financial performance with revenue up 4.1% to £1,374 million and Adjusted EBITDA up 6.9% to £835 million reflecting renewed strengthening of retail momentum. Over £1 billion in debt financing restructure also completed, simplifying Heathrow’s debt financing arrangements.
They also flag up the new partnership with Transport for London increasing transport options for passengers with Crossrail serving all terminals from 2019. Working with airlines, Heathrow says it is making good progress towards meeting the Government’s challenge to deliver expansion with airport charges close to current levels.
At or for six months ended 30 June 2017 2016 Change (%)
(£m unless otherwise stated)
Revenue 1,374 1,320 4.1
Adjusted EBITDA(1) 835 781 6.9
EBITDA(2) 909 769 18.2
Cash generated from operations 820 700 17.1
Cash flow after investment and interest(3) 200 76 n.m
Pre-tax profit(4) 102 75 36.0
Heathrow (SP) Limited consolidated net debt(5) 12,454 11,908 4.6
Heathrow Finance plc consolidated net debt(5) 13,132 13,005 1.0
Regulatory Asset Base(5) 15,485 15,237 1.6
Passengers (m)(6) 37.1 35.7 3.9
Retail revenue per passenger (£)(6) 8.43 7.84 7.6
John Holland-Kaye, Heathrow CEO commented:
“Heathrow’s strong start to 2017 is a boon for Britain – our passengers are getting better value and service, more British trade is flying high on new trading links and our expansion plans are on track.
The Government set us the challenge to expand Britain’s hub while keeping airport charges close to current levels. Working with airlines, we are making good progress to meet this challenge whilst delivering all our local commitments and the global connections our country needs.”
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