UK: London’s Gatwick airport tops 40m passengers for first time

London’s Gatwick airport says it expects passenger numbers to rise further in 2016 despite the Brexit referendum result, but cautioned that any economic fallout could lead to slower growth in following years.<br/>The UK’s busiest airport behind Heathrow handled more than 40m passengers for the first time in the full year to March 31, clocking up a 5.5 per cent increase that helped boost sales and profits. It anticipates 43m passengers will pass through its departures lounge and arrivals hall this financial year. Stewart Wingate, CE, said: “In the next couple of years beyond that it’s possible growth will be slowed a little. Any economic downturn [from Brexit] will be reflected.” The comments underline nervousness in aviation industry following last week’s historic vote for Britain to leave the EU.<br/>Shares in airlines have been hammered since the result, reflecting analyst concerns that the economic fallout from the outcome could hit revenues at many European and some US carriers. The direct economic impact of Brexit is likely to leave the UK air passenger market 3-5% lower by 2020, according to a report by the IATA. Gatwick, which is owned by a consortium of investors led by US private equity firm Global Infrastructure Partners, also posted a more than three-quarter jump in pre-tax profit to GBP141m. This was partly down to a revaluation of investment property and lower one-off costs.<br/>With revenue up 5.5% to GBP673.1m, the company said its control over costs was behind a 9.7% increase in earnings before interest, tax, depreciation and amortisation. <br/>