Stockport is one of Greater Manchester’s 10 councils set to profit from a share of a £48m windfall after the Manchester Airports Group (MAG) announced increased profits for its full year results to March 2013.
MAG, the largest UK-owned airport operator, runs Manchester, Bournemouth, East Midlands and Stansted airports, two-thirds of which is owned by the 10 local authorities of Greater Manchester.
During the year the Group acquired Stansted for 1.5bn, partly financed when MAG sold 35.5% of the company to an Australian based investor for £890m, and saw operating profit up by 12.4% to £73.6m buoyed by an increase of 1.9% in passenger numbers to 42 million.
Chief executive Charlie Cornish (LEFT) commented:
“The newly enlarged group has a portfolio of four quality
Airports, bringing size and scale to the Group.
“The national footprint and access to the London market that
the acquisition brings is fully aligned to the group’s mission
– to deliver sustainable growth in shareholder value.”