Manchester Airport Group (MAG) has reported half-year outcomes detailing the complete influence of the Covid-19 on the aviation sector.
The corporate – which owns Manchester, Stansted and East Midlands airports – noticed passenger numbers throughout its operations fall 89 per cent in the course of the six months to September 30th.
Simply 4.2 million folks handed by the three airports in the course of the interval, down from 36 million a 12 months in the past.
As a direct outcome MAG, in frequent with each different main aviation enterprise, made a major loss over the summer season.
The corporate reported a loss earlier than tax of £208 million for the six-months, down from a revenue of £187 million for a similar interval final 12 months.
Nevertheless, MAG mentioned shareholders has continued to be supportive, permitting the airport operator to organize for a restoration shifting into 2021.
Shareholders offered £300 million of latest fairness over the summer season, which along with £340 million raised by the sale of non-core property portfolio, contributed to a money place of £624 million on the finish of September.
As well as, banks and listed bondholders endorsed the monetary and strategic response of the group by agreeing to waive monetary covenant exams in September and March subsequent 12 months, in addition to an modification due in September 2021.
