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MAG reports £374m loss during pandemic

MAG reports £374m loss during pandemic Primary tabs 8th July 2021 The results have been published ahead of the group’s court appearance tomorrow, where it intends to challenge the government on its traffic light system   Manchester Airports Group (MAG) has released its full-year results for the year ending March 31.  The organisation kept its airports open throughout the pandemic to facilitate essential travel and freight handling, whilst also transporting protective medical equipment and pharmaceutical supplies.   Between 2020 and this year, it recorded a £374m loss as a result of keeping its sites open with limited passenger traffic.  Photo MAG However, an increase in online shopping helped boost freight operations at East Midlands, rising by 19% and London Stansted, which climbed by 31%.  

Aus/US consortium bids for Sydney Airport The M&A rush begins?

Analysis During 18 months of the COVID-19 pandemic there has been precious little M&A activity in the airports sector apart from Brazil and Japan, where the groundwork had been long been laid anyway. Many people have openly speculated when it would start up again, but all have been blindsided by an out-of-left-field proposal by an Australian/US consortium to take over Sydney Airport in what would be Australia’s biggest corporate transaction and the biggest single one in the airports sector for many a year. No sooner had analysts picked themselves up than another major player in the sector was reported to be considering forming a consortium for a counter-proposal.

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