Passenger numbers more than halved last month at Manchester Airport Group, with April figures expected to be down even more significantly.
The MAG-owned airports of Manchester, Stansted and East Midlands were “severely impacted” by the outbreak of Covid-19 as travel restrictions and a dramatic reduction in demand for flights impacted passenger numbers, in common with all other airports around the world.
Year-on-year falls in passenger throughput hit 54% at Manchester airport in March and 58% at both Stansted and East Midlands to give a total of less than two million.
The company said: “In the current unprecedented times, MAG is working through a wide range of scenarios and potential implications in what is a very fluid situation.”
MAG has a “strong and prudent” financial position, with supportive shareholders and £268 million cash on its balance sheet, having drawn down in full available funding on a £500 million revolving credit facility, “which will support the ongoing operation of its airports during the coming months”.
The airports owner added: “MAG is working to ensure that it has action plans and potential solutions to any scenarios that might occur.”
The company and its shareholders “will continue to monitor the situation as it evolves and update MAG’s strategic response as necessary”.
The cargo hub at East Midlands airport is playing a “key role” in keeping essential goods flowing into the country and providing UK firms with a route to export.
“The airport hosts the country’s most important pure air freight operation and is now in the top 10 busiest European airports by flight numbers,” MAG added.
The update came as a report by think tank Centre for Cities warned that jobs in areas reliant on the aviation industry are most vulnerable because of the pandemic.
The Centre for Cities estimates one in five jobs in these areas are vulnerable to the economic impacts of Covid-19.
The economy of Crawley, near Gatwick, is likely to be hardest hit, followed by Luton, Derby and Aberdeen.
Unite assistant general secretary Diana Holland said: “This report makes the case even more strongly that the industry-specific package Unite has consistently called for, and the government has promised, must now be delivered.
“The UK has world-class airline and aerospace companies – highly developed and world leading – but the sector needs support in the period of recovery from this pandemic.
“Thousands of jobs are dependent on the sector regaining its position.”