Manchester Airport Grp Funding PLC Interim Results (7527H)

TIDM38LZ

RNS Number : 7527H

Manchester Airport Grp Funding PLC

03 December 2015

Issuer: Manchester Airport Group Funding PLC

Date: 3 December 2015

Manchester Airport Group Funding PLC

Company No. 8826541

Interim Results

The Issuer's parent, Manchester Airport Group Investments Limited ("MAGIL"), today publishes its Interim Report and Accounts for the six months ended 30 September 2015.

MAGIL's parent, Manchester Airports Holdings Limited ("MAHL"), today also publishes its Interim Report and Accounts for the six months ended 30 September 2015.

The Interim Report and Accounts for MAHL and MAGIL are available on MAGIL's Investor Relations website at magworld.co.uk/investors.

Investor Presentation

A conference call to present the results to bondholders, bank lenders and credit analysts will be held on Thursday 3(rd) December 2015 at 10.00 am (UK time). The call will be hosted by Neil Thompson, Chief Financial Officer, and Ken O'Toole, Managing Director, Manchester Airport.

Dial-in details for the call are: UK free phone: 0800 279 4992; UK local/standard international: +44(0)20 3427 1913. Participant PIN code is 6941548.

The presentation can be viewed online during the event by using the link: http://view-w.tv/755-1197-16564/en

MAGIL results for the six months ended 30 September 2015

The first half of the year has seen sustained growth, meeting or exceeding our key targets and seeing record numbers of passengers using our airports. Our Group model continues to deliver benefits and support our airports in competing to attract new passengers and airlines.

 
 Key Financials          6 months ended   6 months ended   Change (%) 
                           30 September     30 September 
                            2015 (GBPm)      2014 (GBPm) 
----------------------  ---------------  ---------------  ----------- 
 Revenue                          445.5            421.4        +5.7% 
 EBITDA                           201.9            182.9       +10.4% 
 Operating profit 
  (before significant 
  items)                          138.2            119.4       +15.7% 
----------------------  ---------------  ---------------  ----------- 
 
 
 Passengers       6 months ended   6 months ended   Change (%) 
                    30 September     30 September 
                        2015 (m)         2014 (m) 
---------------  ---------------  ---------------  ----------- 
 Manchester                 13.8             13.2        +4.5% 
 Stansted                   12.5             11.3       +10.6% 
 East Midlands               2.9              3.1        -6.5% 
 Bournemouth                 0.5              0.5        +0.7% 
 Total                      29.7             28.1        +5.7% 
---------------  ---------------  ---------------  -----------

Highlights

-- Group EBITDA rose by 10.4% to GBP201.9 million, driven by record passenger numbers (+5.7% to 29.7 million) and successful new route development - with Manchester and Stansted in particular both handling increasing numbers of passengers. A continued focus on investment in customer service to facilitate increased volumes together with underlying cost control and measures to improve operating performance has again contributed to growth in EBITDA, backed up by continued investment in infrastructure.

-- Record numbers of passengers are using Manchester Airport. Passenger numbers in the six months to September 2015 were 13.8 million, 4.5% up on the same period last year. August was the busiest month in the airport's 77-year history and this momentum has continued into the autumn. London Stansted has also experienced impressive growth with passenger numbers up 10.6% to 12.5 million. Stansted's 1.2 million increase in passenger numbers exceeded that of either Heathrow or Gatwick, making it the fastest growing major airport in the UK.

-- The introduction of 31 new routes across the Group has helped to boost passenger numbers to record levels. The new routes include a host of destinations across the globe, including new long haul routes announced from Manchester to Boston and Los Angeles and long haul flights started from Stansted to Las Vegas, Orlando and Cancun. New short haul routes from MAG airports include Azores, Deauville, Castellon, Stuttgart and Porto.

-- Increased revenues have also been driven by more passengers upgrading their airport experience and taking advantage of MAG's award-winning Escape Lounges, Premium 'Meet and Greet' valet parking offers and fast track security clearance.

-- The Stansted Terminal Transformation Programme is now nearing completion, delivering a significantly improved retail and food & beverage offering to passengers.

-- Stansted still has significant spare capacity and is well-placed to meet future growth in London's aviation demand, prior to any new runway being built.

-- The 'Manchester Airport Transformation Programme' - a GBP1 billion, 10-year plan was unveiled and will deliver a significant upgrade of the facilities at the airport, ensuring that it continues to thrive as a national asset and play an even greater role as the 'UK Global Gateway from the North'. The phased and modular programme updates and re-profiles existing long-term capital investment plans and its financing reflects the Group's ongoing commitment to maintaining its strong investment-grade credit rating.

-- Strong trading performance combined with a prudent financing policy underpins stable financial leverage (3.0x Net Debt to EBITDA) and enables MAGIL to continue to invest in the asset base and fund future growth.

-- There is strong headroom in the Group's financing facilities with no drawdown on the GBP300m Revolving Credit Facility at 30 September 2015.

-- A final dividend of GBP62 million was paid by MAHL in July 2015 in respect of the full year ended 31 March 2015. An interim dividend of GBP38.6 million will be paid on 7 December 2015 in respect of the full year ended 31 March 2016. Dividends paid by MAHL are funded via distributions from MAGIL.

Note on MAGIL Results

A reconciliation between the financial results of MAGIL and MAHL is available in the appendix of the Investor Presentation which is available on MAGIL's Investor Relations website at magworld.co.uk/investors.

Enquiries:

   Investor Relations                                               investor.relations@magairports.com 
   MAG Press Office                                              press.office@magairports.com

This information is provided by RNS

The company news service from the London Stock Exchange

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