M.A.G. delivers strong year of growth, investment and development

Posted on in News Archive

UK: Manchester Airports Group (M.A.G), owner and operator of Manchester, London Stansted, East Midlands and Bournemouth airports, has released its audited results for the 12 months ended 31 March 2015.

The strong financial performance has exceeded expectation and been driven by increases in both passenger numbers and commercial revenues.

M.A.G. has recorded a 10% increase in the total revenue, reaching £738.4 million over the last financial year.

“M.A.G has delivered a fifth consecutive year of strong growth, investment and development that has enabled us to exceed expectations across many of our key measures, including the delivery of industry leading passenger numbers and trading performance,” Chief Executive Officer of M.A.G Charlie Cornish said.

Cornish also urged the government to focus its short term airport capacity issues in maximising the potential of existing airports.

“Our airports have a vital role to play in the next 10-15 years as London expands eastwards, the Northern Powerhouse becomes a reality and runway capacity in the South East becomes even scarcer. Following the Airports Commission’s submission of its Final Report, it is imperative that the focus of Government and other stakeholders is on the practical steps needed to maximise the potential of existing airport capacity in the period before any new runway is completed.”

In order to ensure that this potential is utilised, M.A.G. said it is vital that faster rail services are delivered to both Manchester and London Stansted airports and that Stansted’s planning caps are relaxed to enable the airport to make full use of the capacity of its existing runway.

“We continue to request that Government and Network Rail apply greater efforts to improve the rail links into Stansted and Manchester, which together can accommodate an extra 50-60 million passengers a year,” Cornish said.

Passenger numbers continue to increase well ahead of the UK industry average, rising by 10.7% to 48.5m for the year, driven by record numbers at Manchester Airport and ten months of double-digit growth at London Stansted that have enabled it to become the fastest growing airport in the UK in terms of passenger volumes.

In June, M.A.G announced the 10-year ‘Manchester Airport Transformation Programme’ that will significantly alter the airport.

The Group has continued to invest in the infrastructure at all of its airports during the year.

Over half of the spend (£123m) was on new value generating projects that enhance customer experience, including the London Stansted and East Midlands terminal transformations that are now nearing completion, and improvements at Manchester Airport which included the completion of the Metrolink station and rail connection, increases in car parking capacity and additional security lanes.

Passengers  12 months ended 31 March 2015 (m) 12 months ended 31 March 2014 (m) Change (%)
Manchester 22.3 20.8 +7.2%
Stansted 20.9 18.0 +16.1%
East Midlands 4.6 4.3  +7.0%
Bournemouth 0.7 0.7 -
Total  48.5  43.8 +10.7%

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