Manchester Airports Group takes off amid expansion drive
The UK’s largest airport group has reported a record year of passenger traffic and rising profit as it presses ahead with a major programme of expansion.
Manchester Airports Group, the conglomerate which owns Manchester, London Stansted and East Midlands airports, reported a 12.5 per cent increase in adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) to £570.4m in the year ended 31 March.
Operating profit stood at £263.2m after accounting for one-off costs, up 9.8 per cent and driven by a record 95m passengers passing through the group’s terminal gates.
“This year’s record performance is a testament to the strength of our business and the dedication of our people,” MAG chief executive, Ken O’Toole, said. “With more passengers choosing our airports than ever before, MAG continues to play a vital role in connecting the UK to the world.”
The airport group is in the midst of a significant programme of expansion. A £1.1bn investment in London Stansted, which has consistently reported record passenger traffic since the pandemic, was confirmed as part of the government’s international investment summit in October.
The Labour government has made airport expansion a key part of its plans to kickstart economic growth, giving the green light to Heathrow’s third runway and expansions at Luton, London City and Stansted.
MAG to inject £2.5bn
MAG is looking to inject a further £2.5bn in upgrading its portfolio of three airports over the next five years, it said on Tuesday.
O’Toole added: “Our airports are engines of growth for the regions they serve. Through continued investment, we’re creating jobs, supporting local economies, and enabling trade and tourism across the North, South and Midlands.
“As the UK’s largest private investor in transport infrastructure outside London, we’re unlocking the full potential of our runways through ambitious capital programmes. These investments will help deliver the Government’s Industrial Strategy and ensure prosperity is shared across the country.”