INFRATIL AIRPORTS EUROPE
Infratil’s two remaining European airports continued to experience very difficult trading conditions. Notwithstanding excellent cost control, losses grew as traffic continued to weaken.
The airports in Glasgow and Kent represent 4% of Infratil’s assets and contributed an EBITDAF loss of £5 million (NZ$10 million) for the year.
Management is very aware of this disproportionate value/contribution aspect and the situation is receiving the urgent attention it warrants.
There are several solutions possible, but regrettably the preferred one, an improving European aviation scene lifting activity and hence income, seems the least likely.