Member Article

Manchester Airport Group report revenue of £421.4 million

Manchester Airport Group (MAG) report that its revenue is up 8.1% compared to the same period last year.

The groups financial statement for the 6 months ending 30 September showed that its revenue was £421.4 million compared to £390 million last year.

The company attribute this to long term commercial agreements with airlines generating significant increases in passengers travelling through Manchester airport.

This comes after a deal with Flybe was announced in November that will see 10 new routes across three of MAG’s airports and delivering an extra 500,000 passengers per annum

The group report that there is significant investment in infrastructure at its London Stansted and midlands airports.

Chief financial officer of MAG, Neil Thompson, said: “MAG has delivered a strong financial performance in the first six months of the year, meeting or exceeding its financial targets and continuing the growth rate delivered over the past few years.

“A busy summer period saw more passengers than ever before using our four airports and taking advantage of the long term commercial agreements we have in place with airlines that have provided a broader range of destinations than ever before.

“We continue to focus on further diversifying our route offering, particularly with regards long haul.

“I am especially pleased with the performance of Manchester which is reaching its record annual passenger level and Stansted which is now showing industry leading levels of passenger growth.

“Stansted alone has added over two million passengers since we acquired the airport in February 2013 and has begun to see substantial operational and commercial benefits from being part of the Group.

“Unlike other London airports, Stansted has spare runway capacity today and significant room to grow in the future and it is vital that faster rail services are delivered between London and Stansted so as to ensure that this potential is utilised.

“We also continue to invest significantly in our infrastructure, with the existing facilities at all four airports having been improved in the last six months.

This was posted in Bdaily's Members' News section by Sophia Taha .