Gatwick Airport landed a 59 per cent rise in first half profits, as demand for travel continued to recover from Covid pandemic levels.
The airport reported underlying earnings of £235.7 million in the half-year to the end of June, up from £148.3 million in the same period a year ago. In the first few months of 2022, Gatwick was still being affected by pandemic travel restrictions.
Net profit at Gatwick was £79.1 million for the first half, a 56 per cent improvement on the same period last year.
Gatwick said air traffic levels were only 86 per cent of those in the immediate pre-pandemic years and the operational environment in Europe was "challenging", which has meant more cancellations and delays than would normally be the case.
Nevertheless, passenger numbers were 41 per cent higher at 18.5 million and the airport's retail and parking brought in £210.6 million.
"We worked closely with our partners to make sure the airport was well-resourced ahead of the summer," said Stewart Wingate, chief executive of London Gatwick.
"This and the hard work of our frontline colleagues helped us provide passengers with a good level of service, despite a challenging operational environment across much of Europe.
"We will continue working closely with our airport partners to improve punctuality, supported by projects in our new capital investment programme to build airport resilience and long-term sustainable growth."
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The construction site of the main terminal building at Gatwick Airport in 1935. All photos: Getty Images -
Workmen completing the main building at Gatwick in 1936 -
Tinsley Green Station being renamed in 1936, a week before the opening of the new airport -
Passengers check-in at the newly opened Gatwick Airport in 1936 -
A British Airways passenger aircraft at Gatwick Airport in 1936 -
An aerial view of Gatwick Airport in 1938 -
Flyovers leading to and from the main Brighton Road at Gatwick Airport in 1958 -
American Vice President Richard Nixon greets the crowds on arrival at Gatwick Airport in 1958 -
A group of young women wait to use a photo booth machine to obtain passport style photos at Gatwick Airport in 1963 -
British Prime Minister Harold Macmillan, right, welcomes US President John F Kennedy at Gatwick Airport in 1963 -
Passengers queue at the check-in counters in 1966 -
Paul McCartney with his wife Linda and their two children, Mary and Heather, at Gatwick Airport in 1971 -
Hideaway, Graham Fletcher's mount for the Prix des Nations jumping competition at the Montreal Olympics, is coaxed on to a plane at Gatwick in 1976 -
Pope John Paul II kisses the tarmac on his arrival at Gatwick Airport in 1982 -
Terry Waite at Gatwick Airport with released hostage Robin Plummer and his family in 1985. Plummer's release from Libya was negotiated by Waite -
Richard Branson in the cabin of a Virgin hot air balloon at Gatwick Airport before it was taken to its starting point in Sussex for its record Atlantic crossing in 1987 -
Team GB at Gatwick Airport after arriving home from the 2004 Olympics in Greece -
Aircraft at the Southern Terminal of Gatwick Airport in 2009 -
An empty departures lounge at Gatwick Airport in 2010, as passengers faced a sixth day of airport closures due to volcanic ash from Iceland -
A family look at the arrivals board during the 2013 Christmas period -
Border Force official Claire Chapman and her sniffer dog Pip check luggage arriving at Gatwick Airport in 2014 -
Deserted check-in desks in the North Terminal at Gatwick Airport during the Covid-19 pandemic in 2020 -
Passengers queue at Gatwick Airport as electronic passport gates fail across the UK in 2023
Middle East visitor numbers rise
Gatwick's interim results mirror those of Heathrow, which had 37.1 million people pass through in the first six months of 2023, a rise of 42.1 per cent.
Heathrow welcomed 3.7 million passengers from the Middle East, an annual rise of 23.3 per cent.
The estate agents, Knight Frank, correlated the rise in passenger traffic with a surge in interest in London's property market, which it attributes, among other factors, to the capital's "enduring cultural heritage, strong legal infrastructure and prestigious educational options".
Knight Frank said the average price paid by Middle Eastern buyers for properties over the summer this year was £2.6 million.
One central London development that has attracted particular interest is the prestigious Chelsea Waterfront.
"Chelsea Waterfront has become one of the most popular locations for our clients due to its unique proposition. It provides a tranquil waterside lifestyle, with arguably some of the best views available of the London skyline," said Nicholas Spencer of Knight Frank.
"The likes of Sloane Square and Knightsbridge are just 10 minutes away, but the on-site amenities consisting of a 24-hour concierge, health and fitness suite and residents lounge will give you little reason to leave.
"In 2024 there’ll also be the addition of an on-site restaurant."
