Manchester Airport Grp Funding PLC Traffic Statistics and COVID-19 Update (8800J)
April 16 2020 - 5:08AM
UK Regulatory
TIDM38LZ
RNS Number : 8800J
Manchester Airport Grp Funding PLC
16 April 2020
Issuer: Manchester Airport Group Funding PLC
Date: 16 April 2020
Manchester Airport Group Funding PLC
Company No. 8826541
Update in relation to Traffic Statistics and COVID-19
Traffic figures at each of the airports owned by the
subsidiaries of Manchester Airport Group Investments Limited, the
Issuer's parent ("MAG"), were severely impacted by the outbreak of
COVID-19 in March 2020, as travel restrictions and a dramatic
reduction in demand for flights impacted the MAG group's passenger
numbers, in common with all other airports around the world.
MAG airports saw passenger figures reduce by over 50%
year-on-year in March, and figures in April are expected to be down
even more significantly.
At East Midlands Airport, cargo figures held flat (-0.1%), as
key freight operators increased capacity. The airport is playing a
key role in keeping essential goods flowing into the country and
providing UK firms with a key route to export. The airport hosts
the country's most important pure air freight operation and is now
in the top 10 busiest European airports by flight numbers.
In the current unprecedented times, MAG is working through a
wide range of scenarios and potential implications in what is a
very fluid situation. MAG faces into this in a strong and prudent
financial position, with supportive shareholders who remain
committed to the Issuer's BBB+/Baa1 ratings. The MAG group
currently has GBP268m cash on balance sheet, having drawn down in
full the available funding on its GBP500m RCF, which will support
the ongoing operation of its airports during the coming months.
MAG has been engaged with its credit rating agencies, with
Moody's and Fitch Ratings issuing reports in March and April
highlighting their view on the 12-month nature of the extremes of
the COVID-19 impact and expected recovery into year 2. Both Moody's
and Fitch Ratings have affirmed the Issuer's current credit
ratings, albeit that given the current uncertainties both are on
negative outlook/review for downgrade.
MAG is working to ensure that it has action plans and potential
solutions to any scenarios that might occur. MAG, together with its
shareholders, Conyers Trust Company (Cayman) Limited (in its
capacity as trustee for IFM Global Infrastructure Fund) and The
Councils of Greater Manchester, will continue to monitor the
situation as it evolves and update MAG's strategic response as
necessary.
Passenger:
Manchester London Stansted East Midlands MAG
Rolling 12-month
total 28,229,942 26,882,581 4,486,162 59,598,685
------------ ---------------- -------------- -----------
12-month total
% change year
on year -1.2% -5.3% -7.6% -3.6%
------------ ---------------- -------------- -----------
March 2020 total 942,900 878,266 106,529 1,927,695
------------ ---------------- -------------- -----------
March 2020 %
change year on
year -54.3% -58.4% -58.4% -56.5%
------------ ---------------- -------------- -----------
Cargo:
Manchester London Stansted East Midlands
March 2020 total
tonnes 6,687 17,074 31,625
----------- ---------------- --------------
March 2020 %
change year on
year -29.1% -18.6% -0.1%
----------- ---------------- --------------
Enquiries:
Investor Relations: investor.relations@magairports.com
MAG Press Office: pressoffice@magairports.com
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END
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