MAG in passenger boost
The owner of East Midlands Airport has posted a 7.7 per cent year-on-year rise in revenue to £218.5m for the six months to 30 September 2011.
Manchester Airports Group (MAG), which operates airports in Bournemouth, Humberside and East Midlands along with its Manchester hub, was buoyed by a 7.3 per cent increase in passenger numbers.
Operating profit rose by 2.5 per cent, but pre-tax profit fell by 27.7 per cent to £45m as capital expenditure more than doubled to £54.4m.
Car parking income rose by 12.9 per cent to £31.4m, while retail income improved by 9.3 per cent to £44.6m. However, income from its property portfolio fell by 4.7 per cent to £16.4m.
MAG described the performance as "in line with expectations" and said it is "encouraged" by the growth.
"The outlook remains challenging, with the current economic uncertainty affecting consumer confidence and rising costs impacting on cash generation, however the business has strong growth targets, including generating above market traffic increases," said MAG.
"The group is maintaining its focus of investing in operational improvements, developing our people, customer service and product offerings."
