Strong growth at MAG airports over summer season
MAG, the UK’s leading airport group which owns East Midlands Airport, today reports its interim unaudited half-year results, for the period 1st April 2017 – 30th September 2017
At East Midlands Airport 3.2m passengers flew to and from popular holiday destinations between April and September, a 3.2% year-on-year increase. Forecasts suggest that it will be a record breaking year for MAG’s cargo operation. During the same period 202,453 tonnes of cargo passed through the airport (+3.5%)
Continued strong growth in adjusted EBITDA* (+9.6% to £236.6m) driven by a record-breaking summer season. Revenue increased 12.9% to £544.6m.
An increase in both long-haul and short haul destinations, as well as higher frequencies to existing destinations ensured MAG passenger numbers increased by 9.1% year-on-year to 34.9m.
Charlie Cornish, MAG CEO, said:
“Our latest results demonstrate that MAG is a strong and resilient business that is confident in its future growth prospects, and one that through the significant investment it is making is demonstrating its commitment to meeting long term customer needs.
“Across the Group, our commercial approach to engaging with airlines has enabled us to build extensive route networks that are proving very popular with passengers. This aviation growth, combined with our ongoing focus on passenger experience and non-aviation revenues, has resulted in us being able to deliver the 13th consecutive half-year of adjusted EBITDA* growth.
“As we grow we are committing considerable investment to enhancing the look, feel and operation of our airports. In addition, the transformational projects at both Manchester and Stansted will deliver the larger terminal facilities needed for us to make better use of our spare runway capacity.
“We are proud of the economic benefits that our airports generate for their local regions and the contribution they make to UK PLC. As the UK gets closer to leaving the EU, we urge Government to do everything it can to secure the seamless connectivity to global markets that people enjoy today. As MAG continues to grow we will work with Government to ensure the policy framework is in place to support our continued success.
“In July, we welcomed the Government’s statement that it supports making best use of existing capacity at all airports around the country. It is now for the Government to use its Aviation Strategy to set out an ambitious plan to make better use of existing runway capacity and improve the UK’s international connectivity. Improving road and rail access to airports is a critical part of this.
“As we leave the EU, it will be more important than ever for the UK to develop the best possible connections to global markets. MAG expects demand for air travel to and from the UK to remain buoyant and to continue growing. As MAG continues to grow we will work with government to ensure the policy framework is in place to support our continued success."
*Earnings before interest, taxes, depreciation, and amortization