MAG annual revenues pass £800m

Manchester Airports Group (MAG) has hailed another year of growth as passenger numbers hit 55.9 million and revenues were up 7.7% to £838.4m.

The airport group, which as well as Manchester also owns London Stansted, East Midlands and Bournemouth airports, saw operating profits increase 9.1% to £210.2m for the year to the end of March 2017.

The strong performance means a another mega payout for shareholders, including the Greater Manchester Combined Authority. The total dividend for the year will be £141m, that’s a 22% increase on last year.

Manchester Airport’s record growth – it served 27 million passengers during the year – has been driven by new routes including Muscat (Oman Air), San Francisco (Thomas Cook Airlines and Virgin Atlantic), Boston (Virgin Atlantic and Thomas Cook Airlines), and Los Angeles (Thomas Cook Airlines).

The UK’s third largest airport passed the milestone for the first time in its 79 year history when more than 2.75m passengers flew in and out of the airport in June – an increase of 9% on June 2016.

June saw the one year anniversary of the Hainan Airlines service to Beijing and it also saw Cathay Pacific increase its flights to Hong Kong to five per week.

Collette Roche, acting managing director for Manchester Airport, said: “The last 12 months has seen a host of new long haul routes and as we move into the busy summer season we’re looking forward to welcoming even more passengers through our terminals.

“Our continued growth of passengers and destinations clearly highlights the role we play in UK aviation and as the global entry and exit point of the Northern Powerhouse. This is further reinforced by the strong financial results issued today by MAG.”

Due to the extra demand aircraft movements were also up in the last 12 months by 11%, meaning more than 200,000 planes took off and landed on the airport’s two full length runways.

Cargo also saw a boost with 10,952 tonnes carried – an increase of 7% on June 2016. It equates to a 12% year on year increase with the annual rolling tonnage now at 118,849.

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