Airport News
Car parking helps airports boost profits
Wed, 30 Jul, 2008
Manchester Airports Group (MAG) has attributed strong full-year figures to the success of its new car parking business.
The company, which is owned by the ten councils that comprise Manchester city-region, reported a 16.4 per cent rise in pre-tax profits to £96.5 million in the 12 months to March 31st.
As well as its new car parking service, the group's retail offerings and a clampdown on costs helped the company drive up annual revenues from £385.5 million to £395.7 million.
Chief executive Geoff Muirhead told the Manchester Evening News that there is good reason to be optimistic about the group's prospects despite the credit crunch.
"We have made real progress in the past year, which reflects the hard work that has gone on in recent years," he remarked.
Manchester Airport Group owns Bournemouth, Humberside, Manchester and East Midlands airports.
Yesterday, it was revealed that 563,159 passengers walked through East Midlands Airport's gateway in June, a five per cent increase on a year ago.