UK. Manchester Airports Group (MAG), which owns and operates Manchester, London Stansted and East Midlands airports, today reported record revenues of £1.2 billion (US$1.52 billion) for the 12 months to 31 March, up by +20.3% year-on-year.
Within this, retail concessions income climbed by +28.3% to £300.8 million (US$380 million), with the largest increase coming from duty-free, food & beverage and lounges, said MAG.
Revenue from the CAVU airport services division increased by +41.4% to £200.9 million (US$254 million) with over half of the uplift coming from the lounge business.
The revenue figures outperformed passenger traffic growth of +13.5% (to 61.3 million) in the period.
Adjusted EBITDA of £507 million was up +23% year-on-year. Operating profit stood at £240.1 million after accounting for one-offs, up from £28.6 million in 2022-23.
London Stansted became the first major UK airport to surpass pre-pandemic traffic levels in July 2023, and has since been operating with record passenger numbers month-on-month. Across 2023-24, London Stansted served 28.5 million passengers, up +12% year-on-year and equal to 106% of traffic served in 2019-20.
Manchester Airport served 28.8 million passengers across the year, up +14% on last year, and equivalent to 102% of traffic in 2019-20. East Midlands Airport served 4 million passengers, up +21% year-on-year and 89% of pre-pandemic traffic.
The group is investing around £2 billion in its airports over the next five years. A key element is the £1.3 billion Manchester Airport Transformation Programme, which is modernising and more than doubling the size of Terminal 2.
MAG secured planning permission in October 2023 to extend London Stansted’s terminal, which will provide capacity for 43 million passengers per year. The group is also investing £120 million in a range of improvement projects at East Midlands Airport.
MAG CEO Ken O’Toole said: “I am pleased to announce these positive results for 2023-24, which demonstrate the vital role our airports play in connecting people and businesses to the world.
“Our growing route networks are providing access to more than 200 destinations, and we are committed to giving passengers the best possible choice to help them shape their journeys to suit their needs.
“I am proud of the high levels of customer service we have been able to provide across this reporting period and thank all of our colleagues and partners for delivering that.
“MAG has also continued to play a leading role in supporting the transition to net zero carbon aviation by 2050, and that will continue in earnest in the year ahead.
“As an island trading nation, we know that aviation has a critical role to play in the UK’s economic future. Aviation creates high quality jobs and enables global trade, investment and tourism, and we know that the UK’s economic sectors that will drive the most growth in the years ahead rely on global connectivity more than others.
“As the UK elects a new government, we look forward to working with them on an industrial strategy for the country that is underpinned by the sustainable growth of aviation.” ✈
