Passenger boom leg-up for BAA
Airports operator BAA has attributed strong passenger growth and the continuing popularity of air travel for higher third-quarter profits.
Pre-tax profits grew by 6% to #440m. BAA finance director Russell Walls told Accountancy Age that the fundamental growth factor for the company was the number of passengers passing through its airports.
Passenger numbers grew by 7.4% to 88 million in the third quarter of 1998, compared to 82 million for the same period in 1997. BAA is confident that figure will continue to rise.
Walls said the success of the low-cost airlines – such as EasyJet – was opening up the market, and the strength of sterling had made air travel cheaper.
For the first time this year, the increase in retail income – which grew by 7.5% – outstripped the increase in passenger numbers passing through BAA airports. But revenue could be hit by the potential loss of revenue from duty free sales, set to be abolished on 30 June.
‘To compensate for this loss we are allowed to increase landing charges,’ said BAA’s Walls.
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article