Record year for MAG Group as investment programmes continue across its three airports

MAG Group, the parent company of Manchester, Stansted and East Midlands airports, has released plans to invest £2.5bn in the next five years, following a record year.

For the 12 months to March 31, the group posted revenues of £1.3bn, up 8.4% year on year. Adjusted earnings before interest and taxes were £570.4m, up 12.5% year on year. Operating profit was £263.2m after accounting for one-offs, up 9.8% year on year.

MAG said the strong performance was driven by growth at all its airports, with the group serving a combined total of 65m passengers for the first time in its history.

MAG attributed the growth to new routes and extra frequencies from its existing major airlines – such as easyJet, Ryanair, Jet2.com and Tui – and new carriers launching services at its airports. India’s biggest airline, IndiGo, this month, launched a new service – its first in Europe – from Manchester to Mumbai.

MAG confirmed it will complete its 10-year Manchester Airport Transformation Programme later this year and is due to spend a further £2.5bn over the next five years at all three airports, including a £1.1bn investment in Stansted, which was announced during the government’s International Investment Summit in October.

Ken O’Toole, MAG chief executive, said, “With more passengers choosing our airports than ever before, MAG continues to play a vital role in connecting the UK to the world.

“Our airports are engines of growth for the regions they serve. Through continued investment, we’re creating jobs, supporting local economies, and enabling trade and tourism across the north, south and Midlands.

“Looking ahead, we remain focused on sustainable growth. Our new five-year Sustainability Strategy builds on two decades of progress and reinforces our commitment to reducing emissions, creating opportunities, and supporting the communities we serve.”