The Manchester Airports Group (MAG), which runs the likes of London Stansted and East Midlands Airport, has posted a significant profit.
With the Summer 2023 season causing a sharp demand for air travel, this has become evident in its financial results.
Without further ado, let’s get into it…
Manchester Airports Group Profit Shoots Up…
For the period of April 1, 2022-March 31, 2023, Manchester Airports Group posted revenue of £1bn for the first time in its history.
Across its collective assets, MAG handled 54 million passengers, which is equivalent to 91% of pre-COVID levels.
Adjusted EBITDA was recorded at £412m, which is up from £126m last year. An operating profit of £28.6m was recorded.
MAG CEO Charlie Cornish said: “This year’s results highlight the scale of the recovery that MAG and the aviation industry have seen over the last 12 months.
“With our airports’ route networks returning to full strength, we have been able to offer passengers the wide range of global destinations they enjoy.”
“It has also been encouraging to see the strength of the recovery in demand for travel, with passenger traffic at our airports more than 90 percent of pre-pandemic levels.
“As I reflect on my final full-year results before I stand down as MAG CEO, I am pleased to have overseen such a positive year for our airports and the progress we made in delivering high levels of customer service.”
“I would like to thank all of our colleagues for their hard work and dedication, not just over these past 12 months but throughout my time with the business.
“During my time as CEO, I am proud of what the Group has achieved, from a significant period of growth pre-pandemic and the work we have done to recover to the leading role we continue to play in aviation decarbonization.
“We are now focused on delivering investment across the Group to enhance the airport experience for our passengers and drive future sustainable growth, and I look forward to overseeing these projects in my new role as MAG Chair.”
What remains clear is that CEO Charlie Cornish can definitely stand down from his role with his head held high as the Manchester Airports Group posts a very strong profit.