MAG says its ‘strong financial performance’, which saw its EBITDA rise by +8.7% to £183m ($286m), for the six months ended 30 September, was driven by increases in both passenger numbers and commercial revenues.

 

In its interim financial statement, MAG reiterates that it is investing £40m ($62.5m) in the re-development of the Stansted terminal with retail partners. As reported, the project will double airside retail space, improve passenger flows and provide 100% footfall for all units.

 

Right and bottom: WDFG walkthrough store at Stansted Airport.

 

In recent months, World Duty Free, Next and M&S Simply Food have all opened stores and in the future MAG will be opening its new Escape Lounge and a further 12 retail outlets.

 

MAG’s long-term commercial agreements with airlines have generated a significant increase in passengers (+8.5% to 28m in the six-month period), taking numbers to ‘near record levels’ at Manchester.

 

According to MAG, London Stansted has been the fastest growing major airport in the South East (+11.9% passenger numbers) and is now handling 2m more passengers a year than it was at acquisition.

 

“Investment continues to be made in our infrastructure, delivering significant improvements to the security and retail facilities at London Stansted and East Midlands,” says MAG.

 

Left: Manchester Airport.

 

Neil Thompson, Chief Financial Officer of MAG, said: “MAG has delivered a strong financial performance in the first six months of the year, meeting or exceeding its financial targets and continuing the growth rate delivered over the past few years.

 

“Unlike other London airports, Stansted has spare runway capacity today and significant room to grow in the future and it is vital that faster rail services are delivered between London and Stansted so as to ensure that this potential is utilised.

 

“Finally, I am delighted to announce the payment of a £31 million Interim Dividend to shareholders. This is testament to the health of the business and we are confident of delivering a strong performance throughout the rest of the financial year and beyond.”

 

 

London Stansted Airport saw EBITDA reach £66m ($103m), up £7m and +11.4%. “The airport is benefitting from the advantages that come with being part of MAG, which have included the signing of long-term commercial agreements with major airlines.”

 

An Interim Dividend of £31m ($48m) will be paid for the half year to September 2014 and reflects the strong trading performance during the period and the Group’s confidence in trading during the rest of the financial year. A dividend of £46 million was paid in July 2014 in respect of the full year ended 31 March 2014.