Gatwick Airport has reported an increase of 4.2 per cent in turnover for the year to March 31st, up to £539 million.

Combined with continued “careful cost management”, this resulted a 2.5 per cent increase in EBITDA, to £227 million, although a loss in the financial year of £29 million reflects the asset-intensive nature of the business and the continued investment being made across the airport, Gatwick said in a statement.

Traffic at London’s second biggest airport of 34.2 million passengers reflected 1.2 per cent growth.

New airlines - such as Air China and Turkish Airlines - opened links to high-growth markets including Beijing and Istanbul, alongside new routes from existing carriers such as easyJet to Moscow.

Vietnam Airlines expanded its services and Garuda Indonesia announced it will start Europe’s only direct route to Jakarta from October 2013.

Stewart Wingate, chief executive, London Gatwick Airport, said: “We have continued to invest heavily across the airport, spending £227 million this year, to ensure our passengers enjoy a better experience every time they travel.

“In retail, we have seen good year-on-year results, which compare favourably to performance on the high street.

“Thanks to the opening of Europe’s largest World Duty Free store in South Terminal and major updates in both South and North Terminal departure lounges, we have seen income per passenger increase.”