MAG reports on strong first-half results

UK airport operator Manchester Airports Group (MAG) today released  its interim unaudited half-year results covering the period April 1 to September 30.
Contributing to continued strong growth in the group’s revenue and profit, MAG’s cargo volumes enjoyed what MAG described as a “sustained period of growth”, with volumes rising by 4.4% year-on-year to reach 365,565 tonnes.
Cargo-related income was up by 1.3% year-on-year.
Airfreight traffic growth was driven by increased e-commerce traffic and new routes from London Stansted operated by freighter operators CargoLogicAir (CLA), Saudia and Silk Way West to North America, the Middle East and Azerbaijan respectively, as well as by new services from East Midlands to Leipzig, Milan and Madrid.
The expansion of DHL’s facility at East Midlands was another notable highlight of the period.
According to MAG’s chief executive, Charlie Cornish: “Our latest results demonstrate that MAG is a strong and resilient business that is confident in its future growth prospects, and one that through the significant investment it is making is demonstrating its commitment to meeting long term customer needs.”
He continued: “We are proud of the economic benefits that our airports generate for their local regions and the contribution they make to UK PLC.
“As the UK gets closer to leaving the EU, we urge Government to do everything it can to secure the seamless connectivity to global markets that people enjoy today
“As MAG continues to grow we will work with Government to ensure the policy framework is in place to support our continued success.”
Bournemouth Airport sale
In other news, a couple of days ago (5 December), MAG reported that it had sold Bournemouth Airport to Regional & City Airports (RCA), the airports management division of Rigby Group plc.
The funds generated from the sale of the south coast gateway will be used to fund MAG’s investments in its other UK airports: Manchester, London Stansted and East Midlands.
Cornish said of the divestment: “Bournemouth Airport and its people have been part of our company for a long time.
“RCA has a detailed integration plan in place to ensure a seamless transition of ownership and operations at Bournemouth which will maintain business as usual.”
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