London International Airport traffic flies to new record in 2018

LONDON, ON - Today, London International Airport released final passenger numbers for 2018, confirming another year of record-breaking growth. London International welcomed more than 537,000 passengers, a 3.1% increase over 2017.

With a forecast 50% passenger increase London International is expected to exceed 850,000 passengers in 2019, which represents phenomenal growth for the Airport. For the first time in London's history direct flights to all major Canadian cities are available. The Airport will also invest over $12 million in capital improvements in fiscal 2019 to accommodate this growth.

"We continue to focus on improving passenger experience and growing the range of air services that we offer the passenger" says Mike Seabrook, President and CEO of London International. "Air travel is forecast to grow significantly in our region over the next decade and we believe our Airport has a much bigger role to play".

"We are surrounded by many airports, big and small, and it is essential that we adhere to disciplined business practices to ensure our long term success" says Seabrook. "This strategy includes investing prudently in our infrastructure, reducing our debt, and attracting new sources of revenue that allow us to grow without raising our fees and charges. The long term success of our airport requires profitable airlines and businesses that can thrive in the environment that we create. We're on the right path!"

Passenger Growth and Financial Highlights: January - December 2018

537,277 passengers, a 3.1% increase over 2017
Revenue of $11.70 million, a 3.6% increase
Operating Cash Flow of $3.47 million, a 10.2% increase
Municipal Taxes paid to the City of London $837,000, a 4.2 per cent increase from 2017
Transport Canada rent $140,000, a 6.1 per cent increase from 2017
Long-term debt $7.3 million, down from $8.7 million in 2017
Cash balance at December 31'st of $1.94 million, a 106.7% increase

London International's success and multi-year expansion plans are made possible by its unique, not-for-profit operating model. All profits generated at London International are reinvested back into the airport for the benefit of its customers, partners and communities.