MANCHESTER - Manchester Airport Group Funding PLC (MAG) has reported a significant increase in passengers and financial growth for the half-year ending September 30, 2024. The company, which operates Manchester, London Stansted, and East Midlands airports, handled a record 37.3 million passengers during this period, marking a 6.9% increase over the previous year.
The surge in passenger volumes contributed to an 8.9% rise in revenue, reaching £768.4 million. This resulted in an Adjusted EBITDA of £377.9 million, a 9.3% increase from the previous year. The operating profit for MAG was also up, standing at £244.9 million, compared to £218.4 million in the same period last year.
Manchester Airport itself saw an 8.5% rise in passenger numbers, reaching 17.8 million, and celebrated a milestone of serving 30 million passengers in the 12 months leading up to September 2024. London Stansted Airport also reported record numbers with 16.7 million passengers, a 5.7% increase from the previous year. East Midlands Airport experienced a 3.7% rise in passenger numbers, hosting 2.8 million travelers.
MAG's growth comes alongside substantial investment in infrastructure and customer experience. The company announced plans to invest over £2 billion across its airports in the next five years. This includes the ongoing transformation of Manchester Airport's Terminal 2, set for completion in 2025, and a £1.1 billion investment program at London Stansted Airport, which includes terminal expansion and the construction of an on-site solar farm.
In the financial sector, MAGIL executed extension options on its credit facilities, maintaining a stable funding platform. The company also issued a £300 million bond in April 2024 to support investment activities. As of September 30, 2024, MAGIL had over £0.7 billion in liquidity.
MAG's commitment to sustainability was also highlighted, with the retention of a five-star GRESB ESG rating and a score of 99/100 for its approach to sustainable operations.
The news of MAG's performance is based on a press release statement and reflects the company's financial health and growth in passenger traffic during a period of significant investment and development across its UK airports.
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