RNS Number:
Gatwick Funding Limited
14 August 2025

Issuer: Gatwick Funding Limited
Date: 14 August 2025

Gatwick Funding Limited (the "Issuer")
a company incorporated in Jersey (registered number 107376)

Half year results publication - Gatwick Airport

The Issuer's parent, Ivy Holdco Limited, today published its report and unaudited condensed interim consolidated financial statements for the six months ended 30 June 2025.

The Ivy Holdco Limited report and unaudited condensed interim financial statements consolidate the results of Ivy Holdco Limited, the Issuer, Ivy Bidco Limited and Gatwick Airport Limited. These financial statements and a related investor presentation are available on the Gatwick Airport Limited website at www.gatwickairport.com/investor.

Successful summer operation, as London Gatwick awaits critical decision on its plans for further growth

·    Airport delivers for passengers with significantly improved on-time performance, 100% of service standards met and the top CAA rating for its special assistance services

·    Airport leadership optimistic its £2.2bn privately financed Northern Runway plan will be approved, unlocking 14,000 new jobs and an additional £1bn in economic benefits every year

·    More airlines fly from London Gatwick than ever before, as airport supports UK trade with more than 50 long haul flights a week to the Middle East, 39 to Africa and 36 to China

London Gatwick delivered great service for its passengers in the first half of 2025 - as it recorded significantly improved on-time performance and secured 100% of its service standards and the top CAA rating for its special assistance services - the airport said today, as it published its interim financial results (link).

The results come just ahead of a critical Government decision on the airport's Northern Runway planning application, following the Secretary of State for Transport's letter in February stating she was 'minded to grant consent' for the airport's plans.  A final decision is expected by 27 October.

Stewart Wingate, London Gatwick Chief Executive, said: "The critical final decision on our Northern Runway plans is just weeks away and follows a rigorous and lengthy planning process.  I remain optimistic the Secretary of State will approve our privately financed, shovel-ready plans to unlock further growth for London Gatwick and the UK economy, generating new job, trade and tourism opportunities for generations to come". 

Interim results include:

·    20m passengers used the airport in first half of year

·    At £491m, revenue was up on same period last year, driven by growth in airport, traffic and property charges

·    Profit was also up at £129m, with EBITDA at £262m  

Great service, as investment continues to upgrade the airport

Passengers received great service, as the airport significantly improved its on-time performance (75%)¹, following excellent collaboration with airline partners and National Air Traffic Services (NATS). The airport also hit 100% of its agreed service metrics, getting passengers through security in five minutes or less 98% of the time, following a £60m investment to become fully compliant with the Department for Transport mandate to install next generation security screening technology. The airport's special assistance service also received the top CAA rating in June.   

The UK's Civil Aviation Authority accepted London Gatwick's proposal to extend the current 'Commitments' regulatory framework until 31 March 2029 and considered that it represents the interests of consumers. The proposal also demonstrates the airport's strong collaboration with airlines, allowing them to plan and grow for the future. 

A £7m investment to refurbish the South Terminal and enhance the departure lounge experience for passengers is nearing completion, and a new 3000 space, mid-stay multi-storey car park now provides passengers with convenient access to the North Terminal.

Supporting economic growth

More airlines (58) are flying from the airport than ever before, as a growing long haul network continues to provide the UK with a gateway to global trading markets, including more than 50 long haul flights a week to the Middle East, 39 to Africa and 36 to China. These include the UK's only direct connections to emerging markets in Uganda and Kenya, with Wizz Air's new XLR aircraft providing low cost, long-haul services to Jeddah and Medinah. The airport also launched and is leading development of the UK's first 'airport economic zone' to stimulate growth across a region representing 7% of the UK economy (£155bn).

Innovating to improve efficiency and sustainability

London Gatwick became the world's first single-runway airport to adopt NATS' new Intelligent Approach innovation.  The system dynamically and safely separates aircraft by time, rather than using set distances, and is forecast to increase resilience, reduce delays, and cut carbon emissions. The airport also demonstrated its ongoing commitment to decarbonising the aviation sector by issuing a second sustainability-linked bond to the markets, based on achieving two carbon reduction targets².

A new contract with a specialist renewable energy provider will also advance the airport's ambitious £250m net zero programme by decarbonising heating and eliminating natural gas in 50 airport buildings, including the North and South terminals. The first 47 out of what will be a 300-strong EV fleet were also delivered during the period, alongside a £14m investment in 14 electric buses.

NOTES

¹ The airport achieved 75% on-time performance in the first half of 2025 vs 68% in 2024.

² For more information on London Gatwick's sustainability-linked bond, see page 20 of the airport's interim 2025 financial results.

About London Gatwick: With 43 million annual passengers, London Gatwick is the UK's second largest and one of Europe's top ten airports.  It is a vital piece of national infrastructure that drives both the national and regional economies by generating £5.5 billion GVA and supporting over 76,000 jobs (2023).  Almost 60 airlines fly from the airport to over 150 short-haul and more than 50 long-haul destinations.  With a declared capacity of 55 movements an hour, London Gatwick is the most efficient single runway airport in the world. 

The airport is located 28 miles south of the UK capital and is extremely well-connected, with more than a quarter of England's population (15 million people) - including all of London - less than one hour away by road or rail.  A six-year, £2 billion sustainable growth programme includes an ambitious plan to be a net zero airport by 2030 and to increase capacity by bringing the airport's existing Northern Runway into routine use, alongside its Main Runway.  Vinci Airports owns a 50.01% stake in the airport, with Global Infrastructure Partners managing the remaining 49.99%. 

About VINCI Airports: VINCI Airports, as the leading private airport operator in the world, manages the development and operation of more than 70 airports located in 14 countries. VINCI Airports draws on its expertise as a comprehensive integrator to develop, finance, build and operate airports, leveraging its investment capability and know-how to optimise operational performance and modernise infrastructure while bringing about their environmental transition. In 2016, VINCI Airports became the first airport operator to commit to an international environmental strategy, setting itself the aim of reaching zero net emissions (scope 1 and 2) across the network by 2050 while supporting the territories' local climate transition.

For more information: www.vinci-airports.com @VINCIAirports www.linkedin.com/company/vinci-airports/

About Global Infrastructure Partners: Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With energy pragmatism central to our investment thesis, we are well positioned to support the global energy transition.

GIP's scaled platform has over $170 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients' capital and to create positive economic impact for communities. For more information, visit www.global-infra.com.