Strong summer sees half-year profits rise for Manchester Airports Group

A strong summer helped half year operating profits at Manchester Airports Group soar to £218.4 million.

The figure for the six months to September 30 compared to £22.1 million achieved in the same period last year.

This came as passenger numbers using the group’s three airports rose by more than 14% to almost 35 million – 96% of pre-Covid-19 levels.

Revenue increased by 25% to a record £705.3 million, which resulted in an adjusted earnings [ebitda] rising by £85.9 million to £345.8 million.

The operator of Manchester, Stansted and East Midlands airports said: “Whilst passenger performance remained slightly below pre-Covid levels (96%) for the six months to 30 September 2023, MAG was pleased to report that its airports exceeded pre-pandemic volumes in October 2023 (104%).

“MAG’s focus on providing customers with a strong product mix, and our commitment to working with our airline partners to make travel as affordable and accessible as possible, resulted in a positive performance across all revenue streams despite the cost-of living pressures faced by many customers.

“Route networks continued to strengthen as airlines introduced new routes and increased capacity across MAG’s airports.”

Passenger levels for the six months rose by 14.7% at Manchester airport to 16.4 million, by 12.9% to 15.8 million at Stansted and 22.7% at East Midlands to 2.7 million.

MAG chief executive Ken O’Toole said: “These interim results reflect a strong six months for MAG, during which all three of our airports saw a significant increase in passenger volumes at the same time as delivering a good service throughout the summer.

“MAG proudly serves all of the UK, with airports in the North, South and Midlands, and we are committed to providing passengers the length and breadth of the country with access to the places they want to fly to, and with travel options to suit all needs and budgets.

“That is what has underpinned this strong performance, along with the positive relationship we have with our airlines, many of which have increased capacity and added new routes during the period, with several new carriers also welcomed to our airports.

“We are also committed to investing in our airports to drive sustainable growth in the regions they serve and provide opportunities for people living in the communities surrounding us.

“Our positive start to the year leaves us well-placed to continue driving forward that agenda during the second half and beyond, while maintaining our focus on working with government and our wider industry on the decarbonisation of aviation.”

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