Manchester Airports Group saw annual passenger levels exceed pre-pandemic 2019-20 for the first time in the past financial year.
The owner of Manchester, Stansted and East Midlands airports handled 61.3 million travellers in the 12 months to March 31.
The operating profit soared to £240.1 million, up from £28.6 million a year earlier, while adjusted earnings [ebitda] rose 23% year-on-year to £507 million based on revenues of £1.2 billion.
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Stansted became the first major UK airport to surpass pre-pandemic traffic levels in July 2023, and has since been operating with record passenger numbers month-on-month.
The airport served 28.5 million passengers, up 12% year-on-year and equal to 106% of traffic handled in 2019-20.
Manchester airport saw passenger throughput rise by 14% to 28.8 million across the year, equivalent to 102% of traffic in 2019-20.
East Midlands airport numbers were up by 21% year-on-year to four million and 89% of pre-pandemic traffic.
Route networks at all three airports continued to grow with low-cost capacity rising Ryanair, Jet2, easyJet and TUI all adding to their route networks, alongside the return of British Airways to Stansted.
MAG said the performance provides “strong foundations” for the company to press ahead, in partnership airlines, on a programme of capital expenditure that will see it invest around £2 billion in its airports over the next five years.
As the UK prepares to elect a new government, chief executive Ken O’Toole said MAG was “uniquely placed” to support the successful delivery of a new industrial strategy aimed at creating a balanced and globally-competitive economy.
“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,” he said.
“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.
“As the UK elects a new government, we look forward to working with them on an industrial strategy for the country that is underpinned by the sustainable growth of aviation.”