STOB Stobart Group Ld

By Jaime Llinares Taboada

Esken Ltd. said Monday that the closure of Ryanair Holdings PLC's base at the London Southend airport could have an impact of around 1.4 million pounds ($1.9 million) on its Ebitda and cash headroom for fiscal 2023 if no mitigating actions are taken.

The U.K. infrastructure company, which owns and operates Southend airport, said that the impact on fiscal 2022 will be negligible and that management have time to implement mitigating actions ahead of fiscal 2023 including cost savings, deferral of capital expenditure, and attracting new carriers into the airport to operate the routes vacated by the Irish low-cost airline.

"The terms of the deal which had been entered into with Ryanair in 2018 were based on a significantly different set of market and economic parameters to the present day," Executive Chairman David Shearer said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

August 09, 2021 03:16 ET (07:16 GMT)

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