MAG profits down 18%
18.12.09
Profits at Manchester Airport Group (MAG) fell by more than 18% in the six months to the end of September. Its chief executive, Geoff Muirhead, described the period as the ‘worst trading environment’ in his 22 years with the business and warned that it could be 3 years before earnings return to previous levels.
MAG, the UK’s second largest airport group, said pre-tax profits for the six months to September 30 fell from £38.4m to £31.2m. Revenues fell 6.2% to £203.8m as passenger numbers declined by 11.8%, or 2 million, to 14.67m. The group, which operates Manchester, East Midlands, Bournemouth and Humberside Airports, said this represented a ‘resilient performance in challenging economic conditions’ and against 'the backdrop of a significant general decline in the UK’s aviation market.'
MAG achieved year-on-year income growth across all its commercial sectors on a per passenger basis, including retailing and airport parking, and achieved savings after a review led to around 100 voluntary redundancies, mostly managers. The group, which is owned by the 10 Greater Manchester authorities, is keeping an eye on acquisition opportunities, especially if rival BAA puts its Scottish airports on the market.
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