Wellington Airport releases unaudited half-year results to 30 September 2023

27 Oct 2023

Wellington Airport is pleased to announce its unaudited results for the six months ended 30 September 2023 with revenue growth of 20%, EBITDAF before subvention payment[i] up by 26% to $50.6 million and a net loss after tax of $2.2 million after the subvention payment.

This compares to an EBITDAF before subvention of $40.2 million and net profit after tax of $11 million for the same period last year whilst payments to shareholders were temporarily suspended during Covid.

“It’s pleasing to see continued recovery and strong underlying demand for travel,” says Wellington Airport chief executive Matt Clarke.

“Domestic capacity operated is now at 90% of pre-Covid levels, with international seats 70% and increasing. International capacity is up 60% on the same period last year, and overall seat numbers are now 87% of pre-Covid levels.

“Over the last six months we’ve made progress on new initiatives to meet the demand from travellers which is expected to increase as the Wellington region’s population grows, together with the welcome return of international visitors.

“This includes completing a new electric bus depot, taxiway resurfacing and removing the hill at the southern end of the airport to free up valuable space. We’ve also been preparing to upgrade our vital sea defences and have commenced the build of a new Airport Fire Station.”

Wellington Airport has also continued strong progress on sustainability over this period, rating fifth in the world for participating airports in the GRESB independent global assessment and committing to a science-based target for reducing emissions.

The airport has also published plans to reach net zero emissions for its own direct operations by 2030 and is working with airlines on new, sustainable aviation technologies.

Over the same period Wellington Airport has continued to support the community through the Wellington Airport Regional Community Awards and sponsoring major events like WoW, Wellington on a Plate and Beervana.

Feedback from travellers has also been positive with 98% of respondents in the most recent ASQ survey rating their overall satisfaction with Wellington Airport as Good, Very Good or Excellent.

[i] EBTIDAF before subvention is a useful non-NZ GAAP measure of earnings which presents management’s view of the underlying business operating performance. A reconciliation between Wellington Airport’s NPAT and EBITDAF before subvention payment is set out in Note A1 of the Financial Statements for the period ended 30 September 2023.