Update on traffic and income
Doing some sums, assuming that the unit rate is set last month, the flights are counted this month, the bills are sent out next month and they are paid the month after (and the payment is sent to NATS at the then prevailing rate of exchange), I reckon that the route charges income for 2008 might be 2% up on the forecast (but the margin has been rather more than that for the last couple of years - hence the healthy profit). For this to continue in the face of declining traffic we will need the pound to continue sliding - to get a positive result in 2008, it has needed a fall of 21% in the last 52 weeks.