Profits up for airport owners

MANCHESTER Airport Group - which runs East Midlands Airport - has reported a “strong financial performance” despite the collapse of travel giant Thomas Cook.

In interim results for the half year ended September 30, Manchester Airport Group reported revenue grew 7.3 per cent to £540.6m, up from £504m for the same period in 2018.

Operating profit before significant items increased 18.1 per cent to £186.1m, up from £157.6m the year previous.

Adjusted EBITDA also grew 15.1 per cent to £281.7m, up from £244.8m.

The group, which is behind Manchester, London Stansted and East Midlands airports, said its performance was driven by growth strategy, increased passenger volumes, strong commercial performance and cash generation, with continued focus on the management of its cost base.

The group said the collapse of Thomas Cook in September had “limited impact” on its trading results.

It said: “Active management of the financial position means that MAGIL recovered all its outstanding receivables.

“MAGIL is actively working to mitigate the impact of the collapse on the performance in the second half of the year.

“Jet2.com, Tui and Virgin Atlantic have all committed to extend their operations at MAN since Thomas Cook’s collapse, and additional flights are also committed to at STN and EMA.”

The group reported a 4.8 per cent increase in passenger numbers at Manchester airport, from 16.6m to 17.4m, with an overall increase of 2 per cent across the group.

Passenger numbers at Stansted stayed the same at 15.9m, while passenger numbers dipped from 3.2m to 3.1m at East Midlands airport.