By ploughing the profit back into the company the share price increases to the benefit of our major shareholders. I assume they can count their NATS investment on their balance sheet?
For example, paying off loans early not only reduces debt but also raises the company's credit rating making borrowing cheaper and increasing future profits.
So the airline group's shares are worth more and the government will raise more money at the next stage of privatisation.
BTW has anyone checked my sums? Is the initial Airline Group investment of £7 million each now worth £22 million?