Manchester Airport announces 拢107m dividend windfall for councils

Image source, Manchester Airport: Hufton+Crow

Image caption, Manchester City Council's coffers will be boosted to the tune of 拢59m

Greater Manchester's local authorities are to share a 拢107m windfall from Manchester Airports Group (MAG).

The group, which also runs Stansted and East Midlands airports, is nearly two-thirds owned by the 10 councils.

Manchester City Council will get a dividend of almost 拢59m ($77m) while the nine other will each receive 拢5.4m.

Manchester Airport chief executive Andrew Cowan said the increase of 18% on last year's pay out was helped by a 6.5% increase in passenger numbers.

A total of 27.9m passengers used Manchester Airport between 1 April 2017 and 31 March 2018, compared with 26.2m in the previous 12 months.

Mr Cowan said the airport was investing 拢1bn to further increase passenger capacity.

Manchester City Council owns 35.5% of MAG while the other nine Greater Manchester councils collectively hold a 29% stake.

The remainder is owned by independent investors.

More than 70 airlines operate from Manchester, flying to 220 destinations.