Pensions and the revamp of Terminal 2 make up part of the shortfall, while the sale of Stansted boosted 2013 figures.
Heathrow revealed plans for more than £600 million of “operating efficiencies”.
Initiatives to reduce costs include early delivery of supplier efficiencies, corporate centre restructuring, a management pay freeze, union pay deals, revisions to terms and conditions for new employees, and improved productivity.
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