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BAA has posted a pre-tax loss of £822m, an impressive 154% rise over 2008 figures.

Bosses have blamed a combination of factors for the plunge, including a reduction in passenger numbers at its UK airports, and a £218 million hole in the firm’s pension scheme.

In December, and due in part to the frosty weather, BAA recorded a 1.9% slump in travellers using its airports.

London Heathrow, the firm’s biggest asset, was the only BAA-owned site to see an increase in passenger numbers – a meagre 1.2%. Aberdeen and Glasgow lost 9.4% and 8.8% of their 2008 passengers respectively.

Over the whole year, the figures were equally concerning, with Stansted and Glasgow posting losses in double figures.

The sale of Gatwick at the end of 2009 did little to stem the flow of cash out of BAA’s collective pockets.

Overheads and delivery costs tore £277 million from the £1.5 billion price tag, leaving the firm with just over £1 billion to play with, a figure that has since been earmarked for developments at its UK airports.

BAA executive Colin Matthews was optimistic about the future, claiming that the financial performance "remains resilient, especially at Heathrow", and confirming that they "remain focused on improving our efficiency and the service we offer customers”.

Mr Matthews noted that improved passenger spending had been a boon to the company bank account.

Not all is as rosy as it seems, however. BAA’s lawyers are currently embroiled in a battle to save Stansted from the saleroom, after the Competition Commission ruled to dismantle the firm’s monopoly over British aviation.