OREANDA-NEWS. Best ever passenger satisfaction, reflecting steady operational improvement

Traffic growth year on year of 0.5% reflects later timing of Easter in 2014

Revenue up 10.8% to £576 million and EBITDA up 31.8% to £319 million providing strong position to start new regulatory period

Terminal 2: The Queen's Terminal remains on track for its first flight on 4 June 2014

Heathrow will submit refined proposals on its third runway to the Airports Commission reflecting input from public consultations

At or for three months ended 31 March

2014

2013

Change (%)

(figures in £m unless otherwise stated)

 　 　 　

Revenue

576

520

10.8

Adjusted EBITDA

319

242

31.8

Cash generated from operations

317

265

19.6

Adjusted pre-tax profit/(loss)

57

(45)

n/m

Pre-tax loss

(15)

(196)

n/m

　 　 　 　

Heathrow (SP) Limited consolidated net debt

11,529

11,264

2.4

Heathrow Finance plc consolidated net debt

12,288

12,025

2.2

Regulatory Asset Base

14,853

14,585

1.8

　 　 　 　

Passengers (m)

16.0

16.0

0.5

Net retail income per passenger

£6.36

£6.33

0.5

Colin Matthews, Chief Executive Officer of Heathrow, said:

“Heathrow performed well in the first quarter. Financial performance was strong and passenger satisfaction ratings were at their highest ever level, reflecting steady operational improvement. Terminal 2 is on time and on budget and will further improve Heathrow's passenger satisfaction ratings when it opens on 4 June. Long-term prospects are also bright and our submission to the Airports Commission in May will set out the case for building on Heathrow's strength as a global hub that can connect all of the UK to the world's fastest growing markets.”