Manchester Airports Group makes strong profits as travel market returns
Manchester Airport Group’s revenues have bounced back above £1bn after passenger numbers returned to 91% of its pre-pandemic levels.
MAG, which operates Manchester, London Stansted and East Midlands airports, moved 54m people in the year to March – compared with 20.5m in the previous year.
Manchester Airport on its own handled 25.2m passengers, up from 9.1m and getting back close to the nearly 30m peak of 2019.
The removal of all remaining UK travel restrictions in March 2022 triggered a rapid increase in pent-up demand for travel and has resulted in MAG delivering a strong financial performance for the 12 months to March 2023.
In an investor presentation released this morning, the board said: “Careful management of the Group’s financial leverage throughout the pandemic, combined with strong cash generated from operations has enabled MAG to relaunch the transformation programmes at both Manchester and London Stansted to invest in new facilities and enhance service levels for passengers.”
Revenue for Manchester Airport Group Investments increased by 123% to £1.03bn, which resulted in an adjusted EBITDA of £410m.
Capital expenditure of £193.7m as investment plans across the Group are resumed, including the final phase of Manchester Airport’s £1.3bn transformation programme, due for completion in 2025.
