The west London airport reported pre-tax profits of £917m for 2024, up from £701m in 2023, with a 6% rise in annual passengers travelling through its four terminals to 83.9m
Heathrow says a surge in annual profits and a record number of passengers highlights the need for a third runway.
The west London hub has revealed pre-tax profits soaring to £917m for 2024, up from £701m the previous year, as 83.9 million people passed through its terminals – that’s a 6% jump in footfall.
However, the airport saw a dip in revenues by 3.5% to £3.56bn, and underlying earnings took an 8.7% hit down to £2.04bn. According to Heathrow, this is due to lower airline charges imposed by the Civil Aviation Authority.
Backing the expansion plan last month, Chancellor Rachel Reeves spoke out in favour, which led Heathrow to announce detailed plans would be presented to the Government come summertime. Heathrow chief executive Thomas Woldbye said: “2024 underscores why Heathrow is the UK’s gateway to growth.
“Our colleagues welcomed a record number of passengers with good service, cargo volumes increased 10% boosting British trade, and we invested over £1 billion to improve facilities and boost resilience which creates more value for customers at Britain’s front door.”
He’s championing future economic growth through essential infrastructure investments, ready to funnel what he says will be “the largest private investment in the UK’s transport network” over the next decade to revolutionise Heathrow into “a competitive world-class hub fit for the future”.
He added: “This is an exciting time for our customers, our colleagues and the country, and we’re looking forward to working with the Government to deliver it.”
Despite potential competition from Gatwick’s expansion, which awaits approval from Transport Secretary Heidi Alexander, Mr Woldbye said: “The airlines that we serve, when you compare to Gatwick, are really quite different, and I think there will be demand for both (airports) in the future.”
Addressing concerns about the cost of Heathrow’s own expansion, he emphasised the long-term vision: “Our eyes are really on the big prize, which is to deliver the vision of a third runway and all the benefits that will bring, that will also bring benefits to the airlines. All the airlines that I speak to want growth.
“We need to determine the right kind of regulation for a third runway, so we’ll be working on that with Government and with the airlines in the future. There will be cost of a third runway of course, and those costs have to be covered.”
In light of recent discussions, he mentioned that ministers “are listening”, following Heathrow’s call for a new regulatory model, planning reforms, and airspace modernisation. In a sign of confidence, Heathrow announced a £250m dividend payout to shareholders in the coming weeks, marking its first such payment in five years after a “strong 2024 business performance”.
In December 2024, French firm Ardian became the biggest shareholder in Heathrow Airport with a 23% stake, following a deal. This came as Saudi Arabia’s sovereign wealth fund snapped up a 15% share.
The reshuffle was due to Spanish company Ferrovial – which had been the airport’s largest shareholder since 2006 – offloading most of its 25% stake, along with sales by other shareholders. Other owners of Heathrow include sovereign wealth funds from Qatar and China, as well as substantial infrastructure funds.
