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The Manchester Airports Group (MAG), which operates Manchester, London Stansted, and East Midlands airports, served 61.3 million passengers in the 12 months ending March 31, 2024. This marks a record-breaking year for MAG, exceeding the passenger levels recorded in 2019-20.
This surge in passengers led to a 20% increase in revenue, reaching £1.2 billion over the 12 months, up from just over £1 billion the previous year. MAG’s operating profit rose to £240 million, a significant jump from £28.6 million the year before, after accounting for one-offs.
To celebrate these record results, MAG announced a £2 billion investment in its airports over the next five years to expand capacity and enhance customer service.
MAG CEO Ken O’Toole stated: “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.”
In addition, MAG is considering a £1.3 billion acquisition of Aberdeen, Glasgow, and Southampton (AGS) Airports, joining forces with a group of Australian pension funds. This move follows a series of significant transactions in the UK airport sector, including Ferrovial’s sale of its majority stake in Heathrow and Vinci’s acquisition of a 50.01% stake in Edinburgh Airport.
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