Published on : Tuesday, July 13, 2021
Manchester Airport Group recently reported a loss of £170 million for the year until March 31, due to what the company called an “unprecedented period”. The figure compares to a profit of £378 million a year earlier.
The group which owns Manchester, Stansted and East Midlands airports saw passenger numbers fall 89 per cent this year, down from 60 million in 2020 to 6.3 million in 2021. Passenger numbers dropped to 2.8 million from 28 million a year at Manchester airport; 3.1 million from 27 million at Stansted and 400,000 from 4.5 million at East Midlands.
The group was forced into a “major streamlining” of its workforce, including management, back-office functions and operational staff “to reflect the short-term reduction in operating activity”. All non-essential expenditure was frozen, and all staff took a ten per cent pay cut from April last year.
Charlie Cornish, Chief Executive, MAG said in a statement that the annual results paint a very different picture to previous years, reflecting the true impact of what has been the most difficult 12 months in history. He mentioned that they have witnessed international travel come to a near standstill with passenger numbers collapsing to less than ten per cent of normal levels.
He mentioned that they had to undertake a series of decisive and often difficult actions to protect the future of the business. He further added that looking ahead he is confident about a strong recovery of the business and the sector can make as airports will play in ensuring a full recovery of the UK economy.