Col­lapse of travel gi­ant does lit­tle to harm air­port

GROUP RE­PORTS REV­ENUE GROWTH AND MIT­I­GATES AGAINST THOMAS COOK FALL­OUT

Manchester Evening News - - NEWS BUSINESS - By IS­ABEL FINCH is­[email protected] @is­abelfinch_

MANCH­ESTER Air­port Group 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 growth of 7.3 per cent to £540.6m, up from £504m the same pe­riod in 2018.

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

Ad­justed EBITDA also in­creased 15.1 per cent to £281.7m, up from £244.8m the year pre­vi­ous.

The group – be­hind Manch­ester, 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 Manch­ester Air­port Group re­cov­ered all its out­stand­ing re­ceiv­ables.

“Manch­ester Air­port Group 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 Manch­ester Air­port since Thomas Cook’s col­lapse, and ad­di­tional flights are also com­mit­ted to at Stansted and East Mid­lands Air­port.”

The group re­ported a 4.8 per cent in­crease in pas­sen­ger num­bers at Manch­ester air­port, ris­ing 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.

Manch­ester Air­port Group re­cov­ered all its out­stand­ing re­ceiv­ables

Manch­ester Air­port Group State­ment

A Thomas Cook air­craft before the col­lapse

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