BAA to invest £1bn in Heathrow and Stansted after 2009 losses

24/02/2010

By Nick Jones.

BAA has announced it will invest £1 billion in its airports this year after posting losses for 2009.

The company, which operates Heathrow Airport and Stansted Airport, reports that it repayed some £2.1 billion of bank debt during the year but saw pre-tax losses of around £822 million.

According to BBA, it hopes to improve facilities at both of its airport, as well as enhancing customer support services across its network.

Colin Matthews, BAA chief executive, said: "Our financial performance remains resilient, especially at Heathrow, which benefits from its position as the UK's only hub airport, higher retail spending by passengers and strong cost control.

"We will remain focused on improving our efficiency and the service we offer customers."

According to the operator, almost 98 per cent of passengers who travelled from Heathrow Airport in 2009 passed through security checks in under five minutes, while the proportion of aircraft taking off within 15 minutes of their scheduled time was 77 per cent.

The government announced its support for a third runway at Heathrow Airport last month.