Passenger numbers at Gatwick fell 78 per cent within the yr to December because the Covid-19 pandemic closed borders around the globe.
The airport remained open all through the pandemic; nevertheless, all income streams have been impacted, and the ability has reported a £465 million loss for the twelve-month interval.
Gatwick Airport, chief govt, Stewart Wingate stated: “It can come as no shock that, like some other worldwide airport, the detrimental affect of Covid-19 resulted in a monetary loss for the enterprise final yr which sadly additionally noticed us want to cut back our workforce by over 40 per cent.”
To enhance liquidity, Gatwick secured a £300 million mortgage with a consortium of banks in April, whereas the corporate has drawn £250 million below the Covid Company Financing Facility from the Financial institution of England.
A strategic discount in capital expenditure additionally noticed the airport defer over £380 million from the funding initially deliberate in 2020 and 2021.
Working prices have been decreased by over £140 million in 2020 by means of a wide range of actions renegotiating contracts and consolidating all air site visitors and passengers into one terminal.
Wingate stated: “Attributable to our swift actions the enterprise stays resilient and strong with our concentrate on guaranteeing we’re greatest positioned to make the most of a return to worldwide journey this summer time.”