Airport engaging in extended process for final decision on its Northern Runway plans, following the announcement that the Secretary of State is ‘minded to approve’ the project.

• More airlines flew from London Gatwick than ever before in 2024, with significant growth in long-haul services across China, Africa, India, and the Middle East.

• London Gatwick demonstrates leadership on sustainability after issuing its largest ever financial bond, based on achieving carbon reduction targets.

• Work starts on a £140m extension to mid-airfield pier to support increased capacity.

London Gatwick has published its full financial results for 2024, when it welcomed a total of 43.2m passengers, up 5.7% on the previous year. The successful year was driven by significant growth in the choice of airlines and destinations with 57 airlines serving the airport - more than ever before.

2024 results included:

Revenue at £1,130.3m (up 11.3%), driven by growth in airline network and passenger numbers

Revenue includes aeronautical income at £599.4m (up 9.8%), retail income of £241.3m (up 16.2%) and car parking income of £147.8m (up 11.3%)

Profit for the period at £342.9m (up 8.9%), with EBITDA at £679.6m (up 10.0%)

Investing in sustainable growth

Following the recent announcement that the Secretary of State for Transport, Heidi Alexander, is minded-to approve the airport’s Northern Runway plans, London Gatwick is engaging fully in the extended process toward a final decision. When approved, the privately financed £2.2bn project will deliver 14,000 new jobs and £1bn a year in economic benefits.

Construction is progressing on a £140m extension to Pier 6. When complete in 2027, eight new aircraft gates will benefit over 500,000 passengers currently bussed to their aircraft each year. A £60m project to install Next Generation technology on its security lanes means that the airport is now fully compliant with government regulations. The new technology will enhance passenger and cabin baggage screening by allowing passengers to keep liquids and electrical items in their hand luggage.

Delivering outstanding choice and service

The UK’s Civil Aviation Authority recently recognised 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 our strong collaboration with airlines, allowing them to plan and grow for the future.

London Gatwick served 53 long-haul routes in 2024 including new routes to Singapore, Beijing and Guangzhou in China, Baku (Azerbaijan), Ashgabat (Turkmenistan), and Tashkent (Uzbekistan). In total the airport served 19 destinations across Asia – including China, India, and the Middle East - 13 in North and South America, 16 in Central America and the Caribbean and five across Africa. 20 new retail outlets also opened in 2024.

With the support of our frontline colleagues, passengers received great service as the airport hit 99% of its service standard metrics across the year. This included more than 95% of passengers passing through security in five minutes or less.

Sustainability at the heart of the business

London Gatwick has published its 2024 Decade of Change Performance Summary report today - tracking the performance of 42 metrics across three themes: People and Communities, Net Zero, and Local Environment. Highlights include cutting carbon emissions for London Gatwick’s on-airport fleet by 90% after swapping diesel fuel in 300 vehicles to Hydrotreated Vegetable Oil.

The airport also issued its largest ever bond to the financial markets during the period. The EUR750m sustainability-linked bond is based on achieving two carbon reduction targets (see notes) and demonstrates London Gatwick’s commitment to support the transition to a decarbonised aviation sector.

Stewart Wingate, Chief Executive, London Gatwick, said:

“Thanks to the dedication of teams across the airport and investment in new facilities and services, our passengers received outstanding service throughout the year. We also offered a record-breaking choice of airlines and destinations, and this has driven our strong financial performance in 2024."

“Today’s results come off the back of the announcement that the Government is minded to approve our privately financed Northern Runway plans. We stand ready to deliver these plans and will continue to engage fully in the extended process towards a final decision and the realisation of 14,000 new jobs and a £1bn injection into the economy each year."