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Bloomberg
London Heathrow airport’s losses from two years of Covid disruption swelled to 3.8 billion pounds ($5.2 billion), leaving its finances hanging on a summer travel rebound and the go-ahead from regulators to raise prices.
The UK hub had a loss of 1.8 billion pounds last year after passenger numbers slumped to 19.4 million, the lowest since 1972, Heathrow said.
Europe’s busiest airport prior the pandemic, Heathrow was the region’s only major hub to see a further reduction in traffic last year as the long-haul markets in which it specialises remained shackled by travel curbs. While demand is now headed higher, the omicron variant of the coronavirus hit the recovery at the start of the year, leaving passenger numbers 23% behind its forecast.
A strong summer should still propel the tally to a full-year target of 45.5 million, Heathrow said. “I am anxious that the CAA will undercook the investment needed to avoid the return of ‘Heathrow hassle,’ with longer queues and delays,†CEO John Holland-Kaye said.