LONDON: Heathrow airport has seen passenger numbers decline by 18 per cent during quarter one, with 14.6 million guests arriving over the period.
As the toll from the coronavirus grows, numbers are expected to be down by around 97 per cent in April.
Overall revenue fell 12.7 per cent, to £593 million, while adjusted EBITDA fell by 22.4 per cent to £315 million
However, the airport said it has £3.2 billion in liquidity, “sufficient to maintain the business at least over the next 12 months, even with no passengers”.
Officials took action to conserve cash and reduce costs by around 30 per cent at the beginning of the crisis.
This was largely through cutting management pay, renegotiating all contracts and consolidating operations.Capital expenditure has been cut by £650 million.Heathrow is currently running out of two terminals and one runway.
Heathrow chief executive, John Holland-Kaye, said: “Heathrow is proud to serve Britain by remaining open for repatriating UK citizens and critical supplies of personal protective equipment.
“When we have beaten this virus, we will need to get Britain flying again so that the economy can recover as fast as possible. That is why we are calling on the UK government to take a lead in setting a Common International Standard for safe air travel.”
Heathrow says it has cut costs by around 30 per cent, through cutting management pay, renegotiating all contracts and consolidating operations. In addition, capital expenditure has been cut by £650 million.
Its financial position is ‘robust’, with £3.2 billion in liquidity, sufficient to maintain the business at least over the next 12 months, even with no passengers.
