Manchester Airport Group (MAG) has reported half-year results detailing the full impact of the Covid-19 on the aviation sector.
The company – which owns Manchester, Stansted and East Midlands airports – saw passenger numbers across its operations fall 89 per cent during the six months to September 30th.
Just 4.2 million people passed through the three airports during the period, down from 36 million a year ago.
As a direct result MAG, in common with every other major aviation business, made a significant loss over the summer.
The company reported a loss before tax of £208 million for the six-months, down from a profit of £187 million for the same period last year.
However, MAG said shareholders has continued to be supportive, allowing the airport operator to prepare for a recovery moving into 2021.
Shareholders provided £300 million of new equity over the summer, which together with £340 million raised through the sale of non-core property portfolio, contributed to a cash position of £624 million at the end of September.
In addition, banks and listed bondholders endorsed the financial and strategic response of the group by agreeing to waive financial covenant tests in September and March next year, as well as an amendment due in September 2021.