
Manchester Airports Group (MAG), which operates Manchester, London Stansted and East Midlands airports, has reported passenger levels recorded in the 12 months to 31st March exceeded its 2019-2020 results for the first time.
In the group’s annual results, MAG revealed its three airports served a total of 61.3 million passengers, and also posted revenues of £1.2 billion and an Adjusted EBITDA of £507 million, up 23% year-on-year. Operating profit stood at £240.1 million after accounting for one-offs, up from £28.6 million in 2022-23.
MAG’s airports delivered strong passenger growth over the year. London Stansted became the first major UK airport to surpass pre-pandemic traffic levels in July 2023, and served 28.5 million passengers, up 12% year-on-year and equal to 106% of traffic served in 2019-20.
Manchester Airport served 28.8 million passengers across the year, up 14% on last year, and equivalent to 102% of traffic in 2019-20. East Midlands Airport served 4.0 million passengers, up 21% year-on-year and 89% of pre-pandemic traffic.
Route networks at all three of MAG’s airports also continued to grow, most recently the launch of the first direct flights to Shanghai from Manchester Airport, operated by Juneyao Air.
Strong performance across the group will support an ambitious programme of capital expenditure that will around £2 billion invested in MAG airports over the next five years. MAG also continues to make good progress on its £1.3 billion Manchester Airport Transformation Programme, which is modernising and more than doubling the size of Terminal 2 to significantly enhance the experience for passengers, and set to complete in 2025.
CEO 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. Presenting his first full set of annual results as CEO, Mr O’Toole said:
“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.
“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.”