The company that runs Heathrow expects adjusted EBITDA to grow by 8% to £1.485 million next year over current forecasts.

The figure is projected to be up on the £1.372 million due to be made this year.

In an investor report published this morning, Heathrow said aeronautical income is forecast to increase 10% driven by tariff increases, revenue recovery and increased passenger traffic.

Heathrow’s retail income is expected to grow 1.5% in 2014 with net retail income per passenger increasing 0.4%. Growth is expected to be driven by duty and tax-free and airside specialist shops.

Operating costs in 2014 (excluding depreciation and exceptional items) are forecast to increase 7.6% to £1.181 million.

Forecast cost savings are more than offset in 2014 by increased costs in rent and rates, maintenance, utilities and general expenses incurred principally in preparing for and commencing operations at the new Terminal 2, the report said.

Heathrow expects to spend approximately £740 million in 2014 on its capital programme.

“Spend is expected to be over £600 million lower than in 2013, given the current peak of spend related to Terminal 2 and the move to a lower capital investment phase through the next regulatory period,” it added.