A "rapid increase in pent up demand for travel" has helped the owner of Manchester, London Stansted and East Midlands airports achieve over £1bn in revenue and slash its losses.
Manchester Airports Group has reported a revenue of £1.027bn for the 12 months to the end of March 2023, up from £461.2m, while its pre-tax losses have been cut from £185.9m to £59.4m.
The group's passenger numbers surged from 20.5 million to 54 million during the year, 91% of pre-pandemic levels.
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Manchester Airport's passenger numbers increased from 9.1 million to 25.2 million, London Stansted's went from 10.3 million to 25.5 million and they rose from 1.1 million to 3.3 million at East Midlands Airport.
A statement issued to the London Stock Exchange said: "Last year was one of the most significant in the aviation sector's history, the first full year following the removal of the restrictions imposed in response to the Covid-19 pandemic, enabling the full resumption of international travel.
"Demand recovered well across all three of MAG's airports with volumes returning close to pre-pandemic levels, growing from 83.8% of 2020 volumes at the half year, to 90.6% at the financial year end. Total passenger numbers for the financial year reached 54.0 million.
"Demand was particularly strong in the low cost, short-haul segment, with seat capacity and passenger volumes exceeding pre-Covid levels at various times in the last quarter of the financial year.
"This pattern was seen across the industry, however, the rate of recovery across MAG typically outpaced that of other UK airports. MAG's performance reflects the strength of demand within the catchment areas of our airports as well as our close relationships with airlines, based on a mutual desire to provide the best value and choice to the customers we jointly serve.
"The rebound in the short-haul market was coupled with the return of long-haul travel, as international markets opened up and full service airlines advanced their own recoveries.
"This was reflected in the resumption or addition of long-haul routes from Manchester and London Stansted.
"The whole of the UK aviation sector experienced challenges in meeting the rapid increase in demand following the removal of travel restrictions.
"This caused well documented operational issues in the early part of the financial year that impacted MAG's airports to varying extents, with Manchester more acutely impacted.
"MAG's teams worked hard to improve service levels as the summer progressed, enabling airlines to operate their planned schedules so that passengers' travel plans were protected throughout.
"Over the last year MAG has recruited more than 1,600 security officers across the group.
"All three of MAG's airports are continuing to provide consistently good service levels, and we are committed to sustaining this performance and engaging with partners to optimise passenger experience."
Last month, the group announced a new chief executive as its boss prepares to step down after 13 years. Ken O'Toole will succeed Charlie Cornish in the role on October 1.
Mr O'Toole is currently the group's deputy CEO, with responsibility for the strategic development of its three UK airports.
MAG has also announced that Sir Adrian Montague had given the board notice of his intention to retire as chair at the end of September. He will be succeeded as chair by Mr Cornish on October 1.
In January 2023, the group revealed a £440m plan to complete the transformation of Manchester Airport which will see the creation of thousands of jobs and the closure of Terminal 1.
The investment is the final phase of the £1.3bn Manchester Airport Transformation Programme (MAN-TP), which was first announced in 2015.
The first phase saw Terminal 2 more than double in size. The extended terminal was opened in July 2021, having been delayed because of the Covid-19 pandemic.
This latest investment will complete the transformation of Terminal 2, leading to 80% of all passengers using it while Terminal 1 will close - 63 years after it was opened by the Duke of Edinburgh, in 1962.
MAG said more than 500 jobs will be created in the construction phase, while it said independent analysis shows around 16,400 extra jobs will be generated by 2040 as a result of the economic activity stimulated by the expansion of the airport and its route network.
