Greater Manchester councils have landed a £107.1m dividend as Manchester Airport Group today released its annual results for the year to March 31.
Revenues and profits across the group were both up, driven in part by a 6.5% increase in passenger numbers at Manchester Airport.
Manchester City Council will see the greatest benefit on the back of this performance receiving £58.9m. Each of the other Greater Manchester councils are celebrating a £5.4m windfall.
These payouts are up 18% on the previous year, delivering a much needed boost to the region’s town halls.
Manchester Airport consolidated its position as a European top 20 airport with the breadth and diversity of its 70 airlines and 220 destinations driving passenger growth of 6.5% to 27.9m.
Long haul growth has been a highlight, with the Hong Kong route increased to daily frequency, and new routes announced to Mumbai, Seattle and Addis Ababa.
Additionally, Manchester is now ranked 6thin Europe for passengers travelling direct to the USA.
MAG CEO, Charlie Cornish, said: “The world class connectivity that our airports are delivering will ensure that MAG continues to play a leading role in powering the UK economy.
“Manchester and London Stansted are the two largest UK airports with significant runway capacity and our investment will allow us to meet continued demand for aviation growth both in and out of the UK.
“The Government’s support for airports looking to make the best use of existing capacity provides a clear framework for growth, and it is critical that it now matches its backing for Heathrow expansion with specific and practical proposals to improve rail access and maximise the potential of airports like Manchester, London Stansted and East Midlands.
“As the UK prepares to leave the EU, we are confident that the UK Government and the EU recognise the importance of providing confidence to passengers and airlines, and we welcome the commitment from both sides to putting in place a framework that will enable air services to continue post Brexit.
“Looking forward, our resilient foundations, healthy financial position and attractiveness of our UK airports will ensure that the business is well-placed to respond to any challenges that may be felt by the UK economy in the future and we continue to take a positive long-term view of our prospects for growth.”