UK airport group MAG boosted by rising traffic

Manchester Airports Group (MAG), which runs three airports in the UK, has revealed record-breaking passenger figures.

The company, which runs Manchester, London Stansted and East Midlands airports, said total passenger numbers reached 61.3 million for the year ending on 31 March 2024. This was first time that MAG has exceeded pre-pandemic traffic figures.

London Stansted has recovered mostly quickly from the Covid-19 crisis with 28.5 million passengers during the year. This was an increase of 12 per cent on the previous year and also up by 6 per cent on the 2019-2020 pre-pandemic year.

Manchester airport catered for 28.8 million passengers during the year, an increase of 14 per cent on 2023 with figures also now 2 per cent above pre-Covid levels.

But the recovery has been slower at East Midlands where traffic reached 4 million, thanks to a 21 per cent year-on-year increase in passengers but this was still 11 per cent below pre-pandemic traffic.

The increases in traffic at all three airports allowed MAG to achieve revenue of £1.2 billion for the financial year, while operating profit rose from £28.6 million in 2023 to £240.1 million this year.

MAG said in a statement that this performance “provides strong foundations” to carry out its plans to invest £2 billion in the three airports over the next five years.

This work includes doubling the size of Terminal 2 at Manchester and plans to extend Stansted’s terminal, which secured planning permission to do so last year. The company will also spend £120 million on improving East Midlands’ facilities.

Ken O’Toole, the group’s CEO, said: “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.”