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BAA reveals £28m cost of ash cloud
BAA (SP) has revealed the travel disruption caused by the Icelandic volcanic ash cloud earlier this month will cost its two London airports £28m.
The closure of both Stansted and Heathrow during the six-day lockdown of UK airspace is expected to have a one-off impact on annual EBITDA, according to the operator. In the group's results for the three months ending 31 March 2010, BAA (SP) posted a 5.5 per cent increase in revenue, while passenger traffic saw underlying growth of 1.1 per cent.
BAA chief executive office Colin Matthews said: "Heathrow and Stansted delivered a resilient financial performance during the first quarter. "We currently estimate that the closure of Heathrow and Stansted due to volcanic ash will have a total impact on 2010 Adjusted EBITDA of £28m."
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