Mixed Economic Report For Manchester Airport Group
Stewart PerryManchester Airport has experienced a drop in profits in excess of 18 percent during the first 6 months of their fiscal year.
Manchester Airport Group (MAG) chief executive Geoff Muirhead branded this period as the its worst business environment in the past 22 years for which he has been in the employeed by the organisation. He also warned that the air facility may not experience the kind of successful times which it saw previously for at least three more years.
MAG, the UK second biggest airport group, claimed that pre-tax profits decreased from £38.4m to £31.2m during the first half of their financial year ending on September 30.
Total revenues at the airport slumped 6.2 percent from £217.3m to £203.8m as traveller numbers fell 11.8 percent, or by two million passengers, with a resulting figure of 14.67m in the six-month period due to the economic downturn.
MAG, which not only is responsible for overseeing operations at the Manchester airport, but also manages the facilities in Bournemouth, East Midlands and Humberside, said however that it had been capable of demonstrating resiliency through the tough and challenging economic environment as well as against the generally gloomy décor experienced in the air travel industry in the UK.
On a per passenger basis, the group saw year-to-year income increases through every single one of its commercial sectors. These included sectors such as car parks and retail activities. MAG also claimed some substantial savings were made after an internal review had spurred approximately 100 voluntary redundancies, of which most were managerial positions.
MAG currently has 2,631 employees with 2,087 of them based at Manchester International Airport.
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