To quote Eglynt...
"There seems to be a great deal of misunderstanding about not for profit. Yes NATS makes a profit but almost all of the profit is ploughed back into the business either by paying off loans or as investment."
NATS paid off a loan this year. It was for £65Million made by the Airline Group after 9/11. It was an indefinite loan at 12% interest per annum!! The redemption penalty was £16 Million.
A crafty way for the shareholders to get a 'profit' without the staff getting bonuses!
It's all in the Annual Report and accounts.