Manchester Airports Group confirms £2 billion investment plan after record year

MAG said the investment would help drive growth in the regions it serves by creating jobs and stimulating more international trade links through its airports.

The group, which owns and operates Stansted, Manchester and East Midlands airports, on Tuesday (2 July) posted a group operating profit of £240.1 million in the year to 31 March 2024, an almost tenfold increase from £28.6 million in the previous year.

Revenue, meanwhile, increased by just over 20% year-on-year from £1.03 billion to £1.23 billion, while adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) grew by 23% year-on-year to £507 million.

Passenger numbers grew to exceed pre-pandemic levels for the first time, with the group serving 61.3 million passengers across its three airports during its 2023/24 financial year.

MAG chief executive Ken O’Toole, who took over from Charlie Cornish in October 2023, said the results "demonstrated the vital role" MAG’s airports were playing in connecting people and businesses to the world.

“Our growing route networks are providing access to more than 200 destinations and we are committed to giving passengers the best possible choice to help them shape their journeys to suit their needs," he added.