Airport group soars past pre-pandemic passenger numbers
Manchester Airports Group (MAG) has exceeded pre-pandemic passenger numbers and increased revenues across the board in its latest annual results.
MAG, which operates Manchester, London Stansted, and East Midlands Airports, served 61.3m passengers in the year ending March 31, 2024, marking the first time passenger levels have exceeded those recorded in 2019-20.
In the period from April 1, 2023, to March 31, 2024, MAG posted revenues of £1.2bn and an Adjusted EBITDA of £507m, up 23% from the previous year.
Operating profit stood at £240.1m, an increase from £28.6m in 2022-23.
MAG plans to invest £2bn in its airports over the next five years, aiming to expand capacity and improve customer service.
Ken O’Toole CEO at MAG said: “I am pleased to announce these positive results for 2023-24, which demonstrate the vital role our airports play in connecting people and businesses to the world. Our growing route networks are providing access to more than 200 destinations, and we are committed to giving passengers the best possible choice to help them shape their journeys to suit their needs.
“I am proud of the high levels of customer service we have been able to provide across this reporting period and thank all of our colleagues and partners for delivering that. MAG has also continued to play a leading role in supporting the transition to net zero carbon aviation by 2050, and that will continue in earnest in the year ahead.
“As an island trading nation, we know that aviation has a critical role to play in the UK’s economic future. Aviation creates high-quality jobs and enables global trade, investment and tourism, and we know that the UK’s economic sectors that will drive the most growth in the years ahead rely on global connectivity more than others.”
