Stansted cuts its loss as passengers flock to Ryanair's budget base
London's third airport, Stansted, home to low-cost carrier Ryanair, cut its losses in the last financial year thanks to rising passenger numbers.
Its latest accounts for the 15 months to the end of March 2014 show that the Essex airport lost £9.1 million, against a loss of £79.3 million in the 12 months to December 2012. Turnover was £295 million, compared with £242 million for the previous period.Stansted was sold by Heathrow Airport Holdings, formerly BAA, to Manchester Airports Group in February 2013.
This followed a ruling in 2009 by the Competition Commission after BAA was bought by Spain’s Ferrovial that it must sell Stansted, Gatwick and either Edinburgh or Glasgow to foster competition.
Budget base: A rise in Ryanair customers at Stansted has helped the airport to cut its losses
Stansted lobbied the Airports Commission, chaired by Sir Howard Davies, over its case to add a second runway, while claiming it was a suitable location for a second London hub if Heathrow’s proposals for expansion were rejected by the Commission.
But Davies narrowed the choice down to Heathrow or Gatwick for expansion, though he will not make a final choice until after the Election next year.
Ryanair has raised its full-year profit forecast following a 22 per cent rise in passenger numbers to 6.35 million in the year to November. It estimates profits of €810-€830 million (£640-£655 million) – up on its previous estimate of €750-€770 million.
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