Airports group reports better half year revenues, profits and passenger numbers
Passenger numbers, revenues and profits all increased in the half year to September 30, Manchester Airport Group (MAG) reported today.
In a statement by its parent, Manchester Airport Group Investments Limited (Magil), it revealed that revenues rose 7.3% to £540.6m, while results before tax jumped 18.9% to £186.7m.
Total passenger numbers grew by 2% to 36.4 million, comprising 17.4 million at Manchester, which was a 4.8% increase and a new record, 15.9 million at London Stansted, which was static, and 3.1 million at East Midlands, representing a 3.1% decline on the same period last year.
Magil said Manchester was able to offset the failure of carrier Monarch by the successful completion of the backfilling of the Monarch slots, which had adversely impacted on the passenger volumes for the six months ended 30 September 2018, including increased flying from Jet2.com and easyJet.
The collapse of Thomas Cook in September 2019 has had limited impact on the trading results of Magil in the six months, it said.
Active management of the financial position means that Magil recovered all its outstanding receivables.
It said it is actively working to mitigate the impact of the collapse on the performance in the second half of the year.
Jet2.com, Tui and Virgin Atlantic have all committed to extend their operations at Manchester since Thomas Cook’s collapse, and additional flights are also committed to at Stanstead and East Midlands.
Magil reported continued expansion of the route network with important extensions operating and/or announced to short-haul and long-haul destinations, including Emirates doubling its service from Stanstead to Dubai to twice daily, new service from Manchester to Los Angeles and additional frequencies to Doha.
Other new long-haul routes announced in the forthcoming months include Shanghai, Dhaka and Amritsar.
New short-haul routes and increased frequencies from MAG airports include the popular cities and resorts of Istanbul, Gothenburg, Stuttgart, Marseille, Nantes, Lille, Corvera (Mercia), Milan, Calvi, Verona and Skiathos.
The first major phase of the Manchester Transformation Programme was completed in April, on time and budget, with the opening of a new pier and new multi-storey car park adjacent to terminal 2. The terminal 2 extension is set to open next year.
At Stanstead, the transformation programme continues and during the six month period delivered new check in desks and a new multi-storey car park, providing an enhanced experience for passengers.
At East Midlands, work has commenced on doubling the size of the immigration hall. The expanded facility will be ready by Summer 2020 improving the arrivals experience and future-proofing the terminal for future growth.
In April, the group increased the size of its liquidity facility from £60m to £90m in anticipation of future debt issuance. In May Magil issued a £350m 25-year bond with a coupon of 2.875%, listed on the London Stock Exchange.
