Summer gets off to great start at Heathrow - Results for the six months ended 30 June 2023

Company London Heathrow Airport
Date 28.07.2023

Great service and resilient demand drive a strong start to 2023 – Our teams welcomed 37 million passengers in the first half, which included some of the busiest days on record. We are giving great passenger service, with almost all passengers waiting less than five minutes at security as the summer peak gets underway. Overall passenger numbers still remain consistently below pre-pandemic levels, and the cost of living crisis is a material headwind for second-half demand. We have also now agreed on a fair two-year pay deal for all frontline colleagues.

Connecting all of Britain to global growth – Passengers can choose from over 225 destinations this summer as airlines add more routes and frequencies to their Heathrow networks. Loganair has taken advantage of our lower domestic charges to increase routes, and 12 UK airports are now connected to the UK’s hub airport. Heathrow remains the best gateway in Europe for flights to the US, with 248 daily flights to 31 US destinations, and is currently better connected to India and China than European hub competitors. British Airways has launched a new route to Cincinnati, JetBlue added another service to New York, and LATAM has been allocated slots to begin a new non-stop connection to Lima, Peru.

Investing in passenger service to maintain Britain’s hub – While we await the outcome of the CMA appeal, we are preparing to kick off the next phase of our investment in Heathrow to improve service. Plans for up to £3.7 billion of passenger improvements will include the replacement of the Terminal 2 baggage system and streamlining security in all terminals.

Losses halved to £139 million – Adjusted losses before tax narrowed to £139 million in the first half, but we remain lossmaking due to the CAA setting too low a revenue allowance in the H7 regulatory settlement to generate enough cashflow, and this has been appealed. Our balance sheet is strong, with gearing well below pre-pandemic levels and £4bn of liquidity, sufficient to cover all of our commitments for at least the next 24 months. We are not forecasting any dividends in 2023.

We continue to lead the industry in reducing the use of fossil fuels – We are the first airport in the world to issue a sustainability-linked bond which includes ambitious targets for reducing carbon emissions from aircraft as well as on the ground. We look forward to Virgin Atlantic’s flight from Heathrow to JFK later this year, powered entirely by Sustainable Aviation Fuel. We urge policymakers to create a domestic sustainable aviation fuels industry which will create new green jobs, reduce costs for UK consumers and help achieve net zero targets.

New CEO appointed – John Holland-Kaye will step down as CEO in October after nine years, during which time he has transformed customer service at Heathrow, built a strong and diverse team, secured parliamentary support for expansion and established Heathrow as a leader in sustainability. Thomas Woldbye, the current boss of Copenhagen Airport, will take over from John, bringing fantastic experience from turning it into the hub of choice for passengers in Northern Europe.

Heathrow CEO John Holland-Kaye said:

“The summer getaway has got off to a great start, thanks to planning and close collaboration with airlines and their ground handlers. I am immensely proud of what we have achieved as a team in the last nine years, transforming Heathrow into a world-class airport that Britain can be proud of. Heathrow is now a leader in sustainability, with a diverse culture that reflects our local community and can attract the best talent from around the world.”


At or for 6 months ended 30 June 2022 2023 Change (%)
Passengers (million)(6) 26.1 37.1 42.1
(£m unless otherwise stated)
Revenue 1,280 1,742 36.1
Adjusted EBITDA(2) (4) 744 1,070 43.8
Cash generated from operations 755 887 17.5
Profit before tax 263 279 6.1
Adjusted Loss before tax(1) (4) (321) (139) 56.7
Heathrow (SP) Limited consolidated nominal net debt(3) (4) 14,579 14,774 1.3
Heathrow Finance plc consolidated nominal net debt(3) (4) 15,786 15,960 1.1
Regulatory Asset Base(5) 19,182 19,945 4.0


Heathrow Airport
United Kingdom
  • 0844 335 1801