Collapse of travel giant does little to harm airport
GROUP REPORTS REVENUE GROWTH AND MITIGATES AGAINST THOMAS COOK FALLOUT
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