Manchester Airports Group (MAG) said it handled a record 37.3 million passengers in the six months ended September 30, 2024.

MAG owns Manchester, London Stansted and East Midlands Airports as well as digital travel services business CAVU.

“Both Manchester and London Stansted Airports recorded the busiest individual days and months since they began operations, and that growth is reflected in a strong financial performance in the first half of the year …” said MAG.

“Passenger numbers for the 6 months to 30 September 2024 were 37.3 million, an increase of 6.9% compared to the 34.9 million passengers in the same period last year.”

Manchester Airport Group Investments Limited (MAGIL) reported first-half revenue up 8.9% to £768.4 million, and Adjusted EBITDA up 9.3% to £377.9 million.

MAGIL delivered an operating profit of £244.9 million for the half year (2023 H1: £218.4 million). MAGIL profit before tax rose 6.3% to £214.9 million.

Manchester Airport Group is owned by a combination of public and private shareholders, including Manchester City Council (35.5%), IFM Global Infrastructure Fund (35.5%) and the nine other Greater Manchester local authorities (29%).

“In the first half of FY25, Manchester Airport handled 17.8 million passengers, up 8.5% on the same period in FY24,” said the group.

“Over the period, the airport reached a milestone of serving 30 million passengers for the first time in its history, in the 12 months to September 2024. Work on the airport’s transformation of Terminal 2, due for completion in 2025, continued, with the announcement of a series of new on-site retail partners.

“London Stansted Airport has seen record-breaking numbers of passengers pass through its terminal across the first six months of FY25, serving 16.7 million passengers, a figure up 5.7% on the same period last year.

“In September 2024, the airport announced its £1.1 billion investment programme, that will include an extension to the existing terminal building, to increase passenger capacity and enhance service levels, alongside the construction of a 14.3MW on-site solar farm. London Stansted was awarded best airport at the UK National Transport Awards 2024.

“In the first half of FY25, East Midlands Airport handled 2.8 million passengers, up 3.7% on the same period last year. Airlines based at East Midlands increased both their capacity and fleet sizes, with additional routes to popular destinations across Europe. As the UK’s largest pure freight operation, East Midlands handled more than 183,366 tonnes of cargo over the period.

“CAVU has reported a strong period of financial trading for the first six months of this year and now operates in 32 countries across 286 airports, offering 3,205 products.

“The division is preparing to open several new international Escape Lounges, including Brisbane Airport in Australia, Northwest Arkansas National Airport, Kansas City International Airport in the US, and Luis Muñoz Marín International Airport in Puerto Rico. In total it now operates 24 lounges globally.

“Across all airports, growth was delivered while maintaining high levels of passenger satisfaction. 99% of passengers passed through security in 15 mins or less at Manchester and London Stansted Airports with East Midlands Airport processing 100% of its passengers in that same time. 

“MAG continues to invest heavily and responsibly in its airports to support their growth and improve passenger experience, with plans to invest more than £2 billion across its three airports over the next five years.

“The Manchester Airport Transformation Programme (MAN-TP) continued to progress across this period, with the installation of Terminal 2’s new state-of-the-art baggage system, and the completion of a new link bridge, which will connect the terminal with the new Pier 2, which is currently under construction.

“Work is set to be completed in 2025, with more than 30 of the airport’s airlines now operating from the new facilities. Manchester is also undertaking a multi million pound investment in Terminal 3 to improve facilities and enhance the airport experience for passengers.

“With airport capacity constrained in London, and with London Stansted’s unique combination of choice, value and ease proving popular with the modern-day traveller, MAG is advancing those plans in the months ahead, starting with a £1.1 billion programme of investment. We were proud to reveal further details of those plans in the Government’s recent International Investment Summit.

“In October 2024, MAG’s CAVU division acquired 100% of the equity capital of Parkos Holding B.V., a comparison and booking platform for airport parking, based in the Netherlands, operating with more than 1,000 providers in 15 countries across Europe.

“The initial upfront consideration paid was €44.0 million, additionally there are contingent payments to key management of the acquiree, that are dependent upon post-acquisition performance and continued employment.

“Any growth plan for aviation must be founded on measures to ensure the sector achieves its decarbonisation goals. In September 2024, we were pleased to retain our five-star GRESB ESG rating, this year scoring 99/100 for MAG’s approach to sustainable operations.

“In May 2024 MAGIL executed the second of two one-year extension options on its £500 million revolving credit facility and a £90 million liquidity facility, extending the maturity of these facilities to May 2029. The revolving credit facility was undrawn at 30 September 2024.

“In April 2024 MAG issued a £300 million bond, maturing in 2042, with a coupon of 5.75% providing funding for the Group’s investment activities in FY25. Earlier in the month MAG repaid a £360 million bond as per the scheduled maturity. 

“MAGIL’s £1,760 million of listed bonds, together with the bank facilities described above and retained cash resources of £232.5 million as at 30 September 2024, provide it with a long-term stable funding platform.

“Together with the undrawn revolving credit facility MAGIL had in excess of £0.7 billion of liquidity at the period end.

“MAGIL’s Leverage covenant for the 30 September 2024 Calculation Date was 3.1x. Interest Cover was 6.8x.

 “MAG’s financing strategy incorporates its strong investment grade ratings with Fitch (BBB+ stable outlook) and Moody’s (Baa1 stable outlook) and a long-term financing structure to support growth …”