We're proud of our long and successful history: where we started, how we've developed and how we've kept up with the ever-evolving market. Here we look at some of our milestones.

2010: Closure of UK airspace following a volcanic eruption in Iceland forces temporary closure of BAA airports. Sale of US retail management contracts business. BAA sells its interest in Naples International Airport. Stansted gets clearance to land superjumbos. Glasgow Airport invests £2 million to improve access and Southampton Airport celebrates its centenary year.

2009: BAA appeals against Competition Commission decision for the sale of Stansted and one Scottish airport. Government gives green light for third runway at Heathrow. After 55 years of operation, Terminal 2 closes to make way for a £1 billion replacement. The £1.51 billion sale of Gatwick Airport Limited to an entity controlled by Global Infrastructure Partners completes in December 2009.

2008: Glasgow opens state-of-the-art security area. Gatwick Airport is put up for sale. £50 million terminal extension at Stansted opens to passengers. World Duty Free is sold for £546.6 million. BAA responds to CAA consultation on prices at Stansted. Heathrow Terminal 5 opens. Colin Matthews takes the reins as BAA's Chief Executive in April, succeeding Stephen Nelson.

2007: Sir Nigel Rudd is appointed Non-Executive Chairman in June. Glasgow Airport is attacked by terrorists. BAA sells Budapest Airport. Our London airports launch noise websites with plane-tracking capabilities. We respond to the CAA's initial price proposal and to the airport competition probe.

2006: Ferrovial purchases BAA and BAA de-lists from the Stock Exchange. Stephen Nelson succeeds Mike Clasper CBE as our CEO. BAA responds to the Office of Fair Trading (OFT) market study on the UK airports industry.

2005: We announce the creation of a 50:50 property joint venture with Morley Fund Management. And we acquire Budapest Airport.

2004: The UK government publishes an Aviation White Paper in which it proposes a new runway at Stansted. We are also awarded a ten-year retail management contract at Baltimore/Washington International Airport.

2003: We sell a substantial part of our interests in McArthurGlen designer outlet centres. And we invest in the NATS group, the UK's national air traffic services provider.

2002: We are awarded a ten-year contract extension for the AIRMALL at Pittsburgh Airport.

2001: We acquire TBI's investment in Australian airports: Perth, Darwin, Alice Springs and Tennant Creek.

2000: We set up £200 million Airport Hotels Partnership. We win a ten-year contract at Boston Logan International Airport. And, following a competition review, the Government announces that we can retain ownership of our London airports.

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1998: The £450 million Heathrow Express rail link is opened at London Paddington. We win a long-term lease for Launceston Airport, again as part of the APAC consortium. And we acquire property development company Lynton plc.

1997: We win a ten-year contract to manage Harrisburg Airport, USA. And we go Down Under, winning a long-term lease for Melbourne Airport as part of the consortium Australia Pacific Airports Corporation.

1994: Capitalisation issue – shareholders receive one new share for each share held at 22 July 1994. We win a ten-year contract to manage Indianapolis Airport, USA, our first airport outside the UK.

1992: We sell Prestwick Airport and win a 15-year retail and catering contract for Pittsburgh Airport USA.

1990: Bonus shares – qualifying shareholders who applied for bonus shares at the time of the Offer for Sale receive one free share for every ten shares bought from the Government. At the time, the value of these shares for capital gains tax purposes is £4.55 per share. We acquire Southampton Airport.

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1987: BAA is floated on the Stock Market with a capitalisation of £1,225 million, reflecting the profitability record of the organisation and our high standing in the aviation world. The original price per share was £2.45. The offer price was adjusted for capitalisation issue (see 1994) £1.225p.

1986: The Airports Act is passed, the Authority is dissolved and all its property, rights and liabilities are passed to a new company, BAA.

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1971: The British Airports Authority acquires Edinburgh, Aberdeen and Glasgow airports.

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1966: The British Airports Authority assumes ownership and responsibility for Heathrow, Gatwick, Stansted and Prestwick airports.

1965: Labour minister Roy Jenkins introduces the Airports Authority Bill. It is intended to make the nation's airports more flexible and able to generate profits while remaining responsible to Parliament. The British Airports Authority is established.

Early 1960s: Initially the Ministry of Defence controls all commercial aviation. But as technology advances and air travel becomes more popular, running airports becomes too complex and time-consuming for central government.

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Find out more about the history of each individual airport.

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