Manchester Airports Group (MAG) said its revenue rose 7.7% to £838.4 million and operating profit before significant items rose 9.1% to £210.2 million in the 12 months ended March 31, 2017.

MAG announced a £140.9 million full year dividend, an increase of 21.7% year on year.

MAG owns and operates Manchester, London Stansted, East Midlands and Bournemouth airports and is privately managed on behalf of its shareholders — IFM Investors (35.5%), Manchester City Council (35.5%) and nine other Greater Manchester councils (29%).

MAG said performance was helped by long-term commercial agreements with airlines that generated a significant increase in passengers, up 7.7% to 55.9 million.

MAG said passengers at Manchester Airport rose 11.5% to a record 26.2 million and passengers at London Stansted rose 4.7% to 24.3 million.

Continued expansion of the group’s route network also helped, with new flights to Boston, New Orleans, San Francisco, Singapore, Beijing, Stockholm, Frankfurt, Milan, Riyadh and Muscat.

Collette Roche, Acting Managing Director for Manchester Airport, said: “The last 12 months has seen a host of new long haul routes and as we move into the busy summer season we’re looking forward to welcoming even more passengers through our terminals.

“Our continued growth of passengers and destinations clearly highlights the role we play in UK aviation and as the global entry and exit point of the Northern Powerhouse.

“This is further reinforced by the strong financial results issued today by MAG.”