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4.8pc cargo surges raises MAG airport profit to US$423.5 million
UK airport group MAG ?owner of Manchester, London Stansted, East Midlands and Bournemouth ?has posted a 4.8 per cent increase in cargo volumes group-wide in the financial year ended March 31 compared to the same period a year earlier.
Freight revenue rose by seven per cent year on year to GBP22.7 million (US$30.26 million). The increase was attributed to ongoing growth in eCommerce and the introduction of new routes.
The higher cargo volumes, along with seven per cent growth in passenger numbers to 2.3 million, contributed to 12 per cent growth in earnings to GBP317.7 million, reports London's Air Cargo News.
New routes started or announced this year include Manchester to Beijing, San Francisco, Boston, Phuket, Mauritius and from London Stansted to Orlando, Cancun and Las Vegas. Stansted also added a slew of British Airways flights to new European destinations.
"Our airports have been able to outperform their competitors over the last year largely because they still have the capacity to grow," said MAG chief executive Charlie Cornish.
In the coming years, as this country continues to see an increase in air travel, Government must ensure that aviation policy makes best use of capacity at airports where it already exists, such as London Stansted and Manchester.
"MAG's business strategy has a long-term focus with resilient foundations. This will stand us in good stead to respond to any adverse consequences that may be felt by the UK economy following the country's decision to the leave the European Union (EU)."
Freight revenue rose by seven per cent year on year to GBP22.7 million (US$30.26 million). The increase was attributed to ongoing growth in eCommerce and the introduction of new routes.
The higher cargo volumes, along with seven per cent growth in passenger numbers to 2.3 million, contributed to 12 per cent growth in earnings to GBP317.7 million, reports London's Air Cargo News.
New routes started or announced this year include Manchester to Beijing, San Francisco, Boston, Phuket, Mauritius and from London Stansted to Orlando, Cancun and Las Vegas. Stansted also added a slew of British Airways flights to new European destinations.
"Our airports have been able to outperform their competitors over the last year largely because they still have the capacity to grow," said MAG chief executive Charlie Cornish.
In the coming years, as this country continues to see an increase in air travel, Government must ensure that aviation policy makes best use of capacity at airports where it already exists, such as London Stansted and Manchester.
"MAG's business strategy has a long-term focus with resilient foundations. This will stand us in good stead to respond to any adverse consequences that may be felt by the UK economy following the country's decision to the leave the European Union (EU)."
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