Cost cuts ahead at Heathrow

PRE-TAX profits at Heathrow fell to £58 million in the nine months to the end of September, down from £266 million in the same period last year.

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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