Manchester Airports Group (MAG), the operator of London Stansted, Bournemouth, East Midlands and Manchester airports in the UK, has reported positive financial growth for the fifth consecutive year.
The group recorded EBITDA of £318m (US$422m) between April 1, 2015, and March 31, 2016, marking a 12% increase year-on-year. MAG has attributed the increased earnings to record passenger numbers of 51.9m across the group, a 7% rise when compared with the same period the previous year.
Charlie Cornish, chief executive of MAG, said, “Our airports have been able to outperform their competitors over the last year largely because they still have the capacity to grow. In the coming years, as this country continues to see an increase in air travel, the government must ensure that aviation policy makes the best use of capacity at airports where it already exists, such as London Stansted and Manchester.
“MAG’s business strategy has a long-term focus with resilient foundations. This will stand us in good stead to respond to any adverse consequences that may be felt by the UK economy following the country’s decision to the leave the EU. Our strategy to drive top-line growth, improve efficiency and broaden our mix of business will continue and in the coming year we will ensure that we remain focused on delivering further profitable growth.”