Gatwick Airport Reports Strong Annual Results for 2023

DALLAS — Gatwick Airport (LGW) has announced strong financial performance for 2023, driven by the continued recovery of passenger traffic and careful management of operating costs.

A significant increase in traffic at LGW was seen at the beginning of the summer season in 2023, supported by the introduction of several new airlines and services to new destinations. Passenger demand peaked in July and October, reaching 94% of pre-pandemic levels.

Norse Atlantic Boeing 787-9 BOS KBOS — Norse Atlantic arrived at Boston Logan on an inaugural flight from London Gatwick. Photo: Darry Sarno/Airways

Key Highlights from the 2023 Results

Passenger Numbers: 40.9 million passengers traveled through the airport in 2023, representing a 24.7% increase compared to 2022. This translates to 88% of pre-pandemic passenger levels.
Revenue: The airport generated revenue of £1,015.1 million, reflecting a 30.7% increase. This growth is attributed to the continuous rise in passenger numbers.
Profit: Gatwick Airport reported a profit of £314.8 million for 2023, demonstrating a 69.9% increase. Similarly, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 38.4% to £617.7 million.

Passengers can now fly 56 airlines out of LGW to 220 destinations. LGW's network includes 169 short-haul destinations across Europe and 51 long-haul routes. Notably, 2023 witnessed the addition of new long-haul airlines such as Air India (AI), Delta Airlines (DL), Saudia (SV), Air Mauritius (MK), Ethiopian Airlines (ET), and China Southern (CZ). This summer, passengers will have access to 85 long-haul flights to Asia every week, including 26 flights to China.

London Gatwick Airport control tower. Photo: Gatwick Airport.

Improved Levels of Service for Passengers

The airport achieved a success rate of 99% for all measured service level requirements in 2023. This accomplishment is attributed to the dedication of the frontline staff. For instance, the recruitment of 200 new security officers before the summer season ensured that 97% of passengers passed through security checks within five minutes.

Gatwick Airport further enhances security by installing Next Generation Security screening equipment across both terminals. This equipment will be fully operational by the first quarter of 2025.

The airport acknowledged the disruptions in the control tower towards the end of the summer season in 2023. Gatwick Airport took a proactive leadership role by fostering closer collaboration among airport partners to provide passengers with more reliable timetables. NATS, the air traffic control provider, has implemented significant changes to guarantee reliable schedules throughout 2024.

"As ever, I want to thank every single colleague at London Gatwick for their hard work and contribution to our strong performance in 2023. The airport's ongoing recovery was boosted by collaborative work with our airlines and partners and I'm proud that we continue to offer passengers a fantastic choice of airline and destination, whether flying short or long-haul." Stewart Wingate, Chief Executive Officer, London Gatwick.

Feature Image: British Airways and easyJet aircraft at LGW. Photo: Gatwick Airport