The sale of Gatwick Airport will be completed within the next few months, owner BAA said today, Wednesday.

Spanish-owned BAA is expected to be ordered to sell Gatwick, Stansted and Edinburgh airports following a Competition Review of UK airport ownership.

Gatwick is likely to be the first to go, with a number of bidders in the race to take over the regional airport on Kent’s doorstep. BAA is thought to be seeking around £2 billion for the complex.

BAA said the sale process was progressing on schedule, with initial bids in January. "The process is expected to be completed in the first half of 2009," it said.

While saying that the outlook for 2009 would be challenging, BAA added: "The sale of Gatwick will be an important milestone in the development of the business during 2009."

BAA, which owns eight airports including Heathrow, revealed that 34.2 million passengers used Gatwick in 2008, 2.8 per cent down on the previous year.

Overall traffic fell 2.7 per cent to 151.4m, although long-haul traffic through Heathrow rose by 3.5 per cent. Shops did well, with retail income per passenger up 2.9 per cent across London airports.

BAA reported revenue up 14.5 per cent to £2.13bn, but operating profits down to £23m from £476m in 2007. BAA made a £1.95bn net loss, partly due to an exceptional tax bill resulting from the abolition of Industrial Buildings Allowances.

Colin Matthews, chief executive of BAA, said: "BAA performed strongly in 2008 although its performance was affected by a drop in passengers, which reflects the general economic situation.

"2009 will be a challenging year but BAA is resourced and structured to meet those challenges and continue to invest in the capital programme that is vital for the future of the business, its passengers and our airline customers."