Heathrow Airport in London has reported its busiest year ever in the 12 months to December 31st, with 73.4 million passengers served, an increase of 1.4 per cent.

However, with capacity limited at the airport, there was no real growth in flights last year.

Heathrow also recorded a strong financial performance for the year, with revenue up 8.8 per cent to £2.7 billion and EBITDA up 10.3 per cent to £1.57 billion.

Dubai International Airport surpassed Heathrow last year to become the world’s busiest airport.

John Holland-Kaye, chief executive officer of Heathrow, said: “Heathrow performed very well in 2014, with record levels of passenger service and numbers of passengers served.

“The successful opening of Terminal 2 means the nation now has a world class front door and passengers rate us the best hub airport in Europe. 

“But with Heathrow full, Britain is falling behind European rivals in the race for growth. 

“An expanded hub airport is best for Britain and backed by Britain. 

“We have made Heathrow better - now it is time to make it bigger, and connect all of Britain to global growth.”

A decision on the expansion of airport capacity in the south-east of England is expected after the general election in May.

Of the three remaining options, two involve expansion of Heathrow, while a third will see a second runway at London Gatwick recommended by the Airports Commission.

This year Heathrow completed an £11 billion transformation programme, with the successful opening of Terminal 2: The Queen’s Terminal, on time and on budget.

The airport will now move to a more modest investment period, generating cash after capital investment and interest for the first time in over a decade.