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

Total dividends for the year to MAG’s owners rose 17.8% to £166 million.

MAG chief executive Charlie Cornish said: “The world class connectivity that our airports are delivering will ensure that MAG continues to play a leading role in powering the UK economy.

“Manchester and London Stansted are the two largest UK airports with significant runway capacity and our investment will allow us to meet continued demand for aviation growth both in and out of the UK.

“The Government’s support for airports looking to make the best use of existing capacity provides a clear framework for growth, and it is critical that it now matches its backing for Heathrow expansion with specific and practical proposals to improve rail access and maximise the potential of airports like Manchester, London Stansted and East Midlands.

“As the UK prepares to leave the EU, we are confident that the UK Government and the EU recognise the importance of providing confidence to passengers and airlines, and we welcome the commitment from both sides to putting in place a framework that will enable air services to continue post Brexit.

“Looking forward, our resilient foundations, healthy financial position and attractiveness of our UK airports will ensure that the business is well-placed to respond to any challenges that may be felt by the UK economy in the future and we continue to take a positive long-term view of our prospects for growth.”