Manchester Airport group revenue up to £543m

Manchester Airport Group Investments Limited (MAGIL) said its revenue rose 12.7% to £543 million and adjusted operating profit rose 9.6% to 164.8 million in the six months to September 30.

“The first half of the year has seen sustained growth, meeting or exceeding our key targets and seeing record numbers of passengers using our airports,” said MAGIL.

Manchester Airport Group owns and operates Manchester, London Stansted and East Midlands 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%).

“Record numbers of passengers are using Manchester Airport,” said MAGIL.

“Passenger numbers in the six months to September 2017 were 16.6 million, 9.6% up on the same period last year.

“August was the busiest month in the airport’s 79-year history and this momentum has continued into the Autumn.

“London Stansted, serving more European cities than any other UK airport, has also experienced impressive growth with passenger numbers up 9.8% to 14.6 million.

“East Midlands Airport continues to perform well, with passenger numbers growing by 3.2% in the first six months and continued expansion of the airport’s cargo facilities.

“East Midlands continues to be the biggest airport in the UK for all-cargo flights as customers take advantage of its strong location and convenient access to the motorway network …

“There is strong headroom in the group’s financing facilities with £207 million drawn down on the £500m Revolving Credit Facility at 30 September 2017.

“The balance on the Revolving Credit Facility was repaid in November 2017 with proceeds from Manchester Airport Group Funding PLC’s £300 million 22 year bond issue.

“Strong trading performance combined with a prudent financing policy underpins stable financial leverage (2.7x Net Debt to EBITDA) and enables MAGIL to continue to invest in the asset base and fund future growth.

“A final dividend of £93.9 million was paid by MAHL (MAGIL’s parent, Manchester Airports Holdings Limited) in July 2017 in respect of the full year ended 31 March 2017.

“An interim dividend of £55.3 million will be paid on 7 December 2017 in respect of the full year ending 31 March 2018.

“Dividends paid by MAHL are funded via distributions from MAGIL.”