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Airport group reports fifth year of profit growth
Manchester Airports Group, the owner of Manchester, Stansted, Bournemouth and East Midlands airports, has reported a fifth consecutive year of strong profit growth driven by record passenger numbers.
The group’s earnings before interest, taxes, depreciation, and amortization grew by 12 % to £317.7 million for the year ended March 31, on the back of new route development and a 7% rise in passenger numbers to 51.9 million.
Passenger numbers at Stansted increased by 11% to 23.2 million while at Manchester they rose by 5.4% to 23.5 million.
But at East Midlands, passengers fell by 2.2% to 4.5 million and at Bournemouth airport numbers stayed the same at 700,000.
The group said London Stansted is now handling 5.7 million more passengers per year than when MAG acquired the airport in early 2013, an increase of 32.6%.
"The airport still has spare runway capacity and is well-placed to meet future growth in London’s aviation demand, prior to any new runway being built," it said.
MAC chief executive Charlie Cornish added: "Our airports have been able to outperform their competitors over the last year largely because they still have the capacity to grow.
"In the coming years, as this country continues to see an increase in air travel, Government must ensure that aviation policy makes best use of capacity at airports where it already exists, such as London Stansted and Manchester.
"MAG’s business strategy has a long-term focus with resilient foundations. This will stand us in good stead to respond to any adverse consequences that may be felt by the UK economy following the country’s decision to the leave the EU.
"Our strategy to drive top-line growth, improve efficiency and broaden our mix of business will continue and in the coming year we will ensure that we remain focussed on delivering further profitable growth.
"As the country enters a new era, we will be working closely with the rest of our industry to ensure that once we leave the EU the UK remains a member of the European single aviation market. At no point have the excellent international air links that this country’s airports provide been more vital to the nation’s future prosperity and economic growth."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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