News Column

Ferrovial plays down plans to buy out three British airports

February 26, 2014

CITY A.M. REPORTER



SPANISH infrastructure group Ferrovial, the biggest shareholder in Heathrow Airport Holdings (HAH), beat core profit expectations for 2013 and said yesterday it had the resources to make new investments - though it played down talk of a buyout of three UK airports.


Ferrovial, which has been looking to strengthen its overseas businesses as it moves away from the crisis-hit Spanish construction sector, has offered to buy Aberdeen, Glasgow and Southampton airports from its partners in HAH, it was reported last week.


Chief executive Inigo Meiras told analysts that he had no comment on these plans. "There is not a formal process in place," he said.


Ferrovial said its investments in 2013 had outstripped income from disposals for the first time in five years, and that its cash position, excluding debt attached to projects, had grown 12 per cent to 1.66bn (1.37bn).


The group's core profit rose 0.8 per cent to 934m in 2013, beating the average forecast of 877m in a poll of analysts.


Ferrovial said foreign revenue had grown 18 per cent in 2013, and now made up 68 per cent of the total. The group's overall revenue rose seven per cent to 8.17bn.


The firm sold part of its stake in Heathrow to Universities Superannuation Scheme last year but Meiras said yesterday: "I can confirm that we are long-term investors in Heathrow".


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Source: City A.M. (UK)


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