LONDON, UNITED KINGDOM--(Marketwire - Oct. 4, 2012) - MAG today reported its full year results for the year ending 31 March 2012.
In a challenging economic climate, MAG has grown its share of the UK aviation market by 0.4% to 15.8%, increasing passenger numbers across the group by 1.5m to 24.0m, which represents the first annual increase since 2008.
Revenue has grown to £373.2m, an increase of 8.6% on last year, reflecting growth in both aviation and commercial income from and so on. Revenue growth was £23.9m, (6.8%) higher than the previous year.
Aviation revenue follows the increase in passenger volumes through new and more frequent routes and more airlines. Commercial income reflects growth in retail and car parking revenues, driven by new offers, such as the 'fast track' security product, 'pre-book', 'valet', and 'meet and greet' parking products. Retail revenue has benefitted from a focus on maximising office space with short term lettings and 'pop-up' concessions.
Manchester Airport increased revenue to £282m, up 9.5% on 2010-11, with passenger numbers growing 1.4m to 19.1m. Manchester delivered ten months of consecutive market share gains during 2011-12 by introducing new carriers and securing further growth from existing airlines. Aviation revenue increases were driven by growth from Middle Eastern long haul and routes provided by low cost carriers. Retail income has benefitted from the introduction of a number of new retailers, including Next, Jo Malone, and Bobbi Brown. The airport also benefitted from a number of pop-up retailers, including Pandora, InStyler, Oakley, and Radley. The airport saw continued growth in car park services, particularly from pre-book, meet and greet and valet products.
MAG Developments, the Group's property and facilities management arm, yields a property income which has grown by £4.4m during the year to £31.4m, showing the breadth of development opportunities Manchester Airport has to offer. In January 2012, George Osborne formally launched the £650m Manchester Airport City project which is aimed at transforming Manchester Airport from a regional transport hub into a global business destination in its own right, over the next ten to 15 years, building on the Enterprise Zone status awarded for the area by the Government in 2011.
MAG Chief Executive, Charlie Cornish said: "This year has been a period of transformation for MAG during which we have delivered strong performance against stretching targets in the context of tough global trading conditions for the aviation sector. It has been a great start on our journey towards becoming the premier airport services business."
Notes to editors
- The UK's first Airport City builds on the global connectivity offered by the airport location and over the next 10 - 15 years will transform Manchester Airport from a regional transport hub into a global business development destination in its own right.
- The realisation of Airport City will significantly accelerate economic growth in the region by creating an internationally competitive business environment. Within this environment will be the global reach, transport infrastructure and land assets to bring major private sector investment to the area.