Heathrow Airport has reported narrowed underlying losses in 2022 amid a bounce back in travel demand but said results were weighed on by surging cost pressures and lower-than-expected passenger numbers.
The group reported an underlying pre-tax loss of £684mln for last year, against a loss of £1.27bn in 2021, according to a statement.
It said no dividends were paid in 2022 and none are planned for 2023 as it continues to rebuild after the industry was battered by pandemic travel restrictions.
The figures also come after last summer's major disruption for airports such as Heathrow as the aviation sector struggled to cope with staff shortages and travellers were met with sudden flight cancellations and severe delays.
Passenger numbers trebled to 61.6mln, up by 42.2mln on a Covid-impacted 2021, but were still down 24% from record year 2019, when Heathrow booked 80.9mln passengers.
“2022 may have been a year of recovery, but 2023 is shaping up to be a year of renewal for Heathrow,” said outgoing chief executive John Holland Kaye.