Record passenger numbers drive positive half-year results for Manchester Airports Group

Record breaking passenger numbers across its three airports have delivered a positive first-half performance Manchester Airports Group (MAG).

MAG, which owns and operates Manchester, London Stansted and East Midlands Airports, alongside travel services business CAVU, reported in its interim results for the period 1st April to 30th September 2024 an adjusted EBITDA of £378.1 million at the half-year, up from £346.1 million during the same period last year. Profit before taxation also rose to £139.6 million from £115.9 million.

Revenues for the airport operator were also more than £60 million ahead of their position the previous year, at £768.5 million, driven primarily by record passenger volumes passing through MAG’s airports during the summer season. Collectively, the Group handled 37.3 millon passengers across the first six months of the financial year, a 6.9% uplift on last year’s figures.

Manchester Airport welcomed 17.8 million passengers in the first half of the year. Its rolling annual total hit 30 million in September for the first time in its history, putting it in the same bracket as airports including La Guardia, in New York, and Melbourne Airport, Australia. The airport also continued to attract a range of new short and long-haul carriers, including Juneyao Air, which began its three-times weekly service to Shanghai – the first time a direct route to the Chinese city has been launched outside of London in the UK.

MAG also continues to make good progress on its Manchester Airport Transformation Programme. The 10-year project is due for completion in the second half of 2025, at which point more than 70% of all passengers will use Manchester’s new Terminal 2.

Elsewhere in the Group, London Stansted served a record-breaking 16.7 million passengers in the six months to the end of September, and has since recorded its busiest ever day, 107,000 passengers travelling in a single 24 hour period in October. MAG also announced plans for a £1.1 billion investment in the airport, including construction of an on-site 14.3 MW solar farm.

East Midlands Airport has also since continued growth of its route network, while its cargo operations handled more than 183,000 tonnes of freight. MAG’s travel services business, CAVU, has also seen 10% year-on-year revenue growth, and in October announced its acquisition of European airport parking platform, Parkos.

MAG CEO Ken O’Toole said:

“Across the summer, one in five UK air passengers chose to fly through a MAG airport for business, leisure, to study or visit friends and family.

“This is testament to the strength of our route networks, our commitment to providing great choice and value to all our customers, and to always striving to deliver a positive passenger experience.

“While our industry faces challenges both in the UK and globally, such as increasing taxation and rising costs linked to the push towards full decarbonisation of air travel, MAG’s strong financial and operational performance makes us well-placed to drive forward our investment programmes as we continue to grow.

“Looking ahead to the next six months, we will be working with the Government to recognise and maximise the benefits of international connectivity and infrastructure investment for UK plc.”

MAG also delivered a strong operational performance during its record-breaking summer, with more than 99% of all passengers passing through security in 15 minutes or less at all three of its airports and positive customer satisfaction scores received across the board.

Recent data also showed high levels of passenger satisfaction across the Group. Between April and September, 97% of passengers rated their experience at East Midlands Airport as ‘Good, ‘Very Good’ or ‘Excellent’, with the figure standing at 91% at Manchester Airport and 87% at London Stansted.

This operational performance was cemented by findings in the CAA’s Annual Airport Accessibility Report which awarded the highest possible ‘Very Good’ rating to London Stansted and East Midlands’ services for passengers with additional needs, with Manchester Airport also rated as ‘Good’.

As part of the Group’s commitment to achieving net zero operations by 2038, MAG has introduced a growing fleet of Electric Vehicles (EVs) on to its airport campuses, and most recently receiving a new electric ambulift at East Midlands Airport to support passengers with additional travel needs.

The second half of this financial year will mark the final year of MAG’s current Corporate Social Responsibility (CSR) Strategy ‘Working together for a brighter future’, first published in 2020. The Group will publish its new Sustainability Strategy in the spring, which will set out a new set of commitments to the environment, skills and communities up to 2030.