Manchester Airports Group exceeds £1 billion revenues in first year of restriction-free travel

Manchester Airports Group (MAG) has exceeded revenues of £1 billion for the first time, the group has revealed in its 2022/23 annual results.

The 2022/23 financial year covers the airport’s first full year of restriction-free travel following the global Covid-19 pandemic, which saw flights grounded around the world. Annual results from MAG, which operates Manchester, London Stansted and East Midlands airports, also revealed the group served 54 million passengers between 1st April 2022 and 31st March 2023, equivalent to 91% of the levels seen in 2019-2020, prior to the pandemic.

2022/23 also saw MAG return to an operating profit (£28.6 million), after recording a £130 million loss in the previous financial year. Revenue also more than doubled on the previous year, from £462 million in 2021/22, to £1 billion, the highest level ever recorded by the airport operator.

In line with the end to Covid-19 travel restrictions, MAG’s strong results have been buoyed by the ongoing restoration of short-haul flights by airlines including Ryanair, Jet2.com, easyJet and TUI, which have all added new direct connections from the group’s three airports. Long-haul connections have also recovered strongly, including the return of Emirates’ routes to Dubai from both Manchester and London Stansted, operating triple daily and double daily frequencies respectively, Hainan Airlines’ Manchester to Beijing route, and transatlantic flights from Virgin and Aer Lingus.

MAG CEO Charlie Cornish, who will step down later this year, commented:

“This year’s results highlight the scale of the recovery that MAG and the aviation industry have seen over the last 12 months.

“With our airports’ route networks returning to full strength, we have been able to offer passengers the wide range of global destinations they enjoy.  It has also been encouraging to see the strength of the recovery in demand for travel, with passenger traffic at our airports more than 90% of pre-pandemic levels.

“As I reflect on my final full-year results before I stand down as MAG CEO, I am pleased to have overseen such a positive year for our airports, and the progress we made in delivering high levels of customer service. I would like to thank all of our colleagues for their hard work and dedication, not just over this past 12 months, but throughout my time with the business.

“During my time as CEO I am proud of what the Group has achieved, from a significant period of growth pre-pandemic and the work we have done to recover, to the leading role we continue to play in aviation decarbonisation.

“We are now focused on delivering investment across the Group to enhance the airport experience for our passengers and drive future sustainable growth, and I look forward to overseeing these projects in my new role as MAG Chair.”