Manchester Airport owner earns £1billion thanks to low cost, short-haul flights

The owner of Manchester Airport raked in over £1bn and more than halved its losses thanks to a "rapid increase in pent up demand for travel".

Manchester Airports Group, which also owns London Stansted and East Midlands airports, added that the popularity of low cost, short-haul flights were a major factor in its improved performance.

The group has reported a revenue of £1.027bn for the 12 months to the end of March 2023, up from £461.2m, while its pre-tax losses have been cut from £185.9m to £59.4m.

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Its passenger numbers surged from 20.5 million to 54 million during the year, 91% of pre-pandemic levels.

Manchester Airport's passenger numbers increased from 9.1 million to 25.2 million, London Stansted's went from 10.3 million to 25.5 million and they rose from 1.1 million to 3.3 million at East Midlands Airport.

A statement issued to the London Stock Exchange said: "Last year was one of the most significant in the aviation sector's history, the first full year following the removal of the restrictions imposed in response to the Covid-19 pandemic, enabling the full resumption of international travel.

"Demand recovered well across all three of MAG's airports with volumes returning close to pre-pandemic levels, growing from 83.8% of 2020 volumes at the half year, to 90.6% at the financial year end. Total passenger numbers for the financial year reached 54.0 million.

"Demand was particularly strong in the low cost, short-haul segment, with seat capacity and passenger volumes exceeding pre-Covid levels at various times in the last quarter of the financial year.

"This pattern was seen across the industry, however, the rate of