MAG Profits Increase

[Humberside]

Sadly the annual report does not appear to have been released yet so I can't find out any HUY specific information, but HUY is notable in its omission from the articles apart from stating that is part of MAG

news.bbc.co.uk/1/hi/england/manchester/7530689.stm
www.crainsmanchesterbusiness.co.uk/apps/pbcs.dll/article?AID=/20080729/FREE/880099372/1175/-/-/mag-profits-up-despite-fall-in-passengers-and-airline-income-at
www.manchestereveningnews.co.uk/news/business/s/1060146_airport_profits_soar

[Humberside]

The annual report is now out
www.manchesterairport.co.uk/manweb.nsf/alldocs/BF3EEF3422FA8E3280257497004ACCEE/$File/Annual+Report+0708.pdf

Heres what it has to say about HUY:

Despite a reduction in passenger numbers, Humberside posted a strong operating profit, benefited by lower total costs and good growth in property and other non-aviation income.

After the year-end MAG announced that it was to undertake a review of its majority shareholding in Humberside Airport. Despite Humberside’s consistently solid financial performance against a backdrop of increasing regional competition, the attention needed to maximise the full potential of Humberside may not fit easily with the Group’s emerging strategy.

Key financial figures

Aviation Income was £8.60 per passenger, same as 2007
Commercial Income (excluding property) per passenger was £7, up 70p
Operating costs were £14.90 per passenger, up 50p

Overall revenue was £8.8 million down 5.4%
EBITDA was £1.4 million, up 7.7%. EBITDA is Earnings before interest, tax, depreciation, restructuring costs and impairment
Profits before restructuring costs, profit on sale of land and impairment was £0.7 million, up 16.7%

The airport has assets of £23.2 million
The airport has liabilities of £13.4 million
Expenditure in 2007/08 was £0.5 million

There is a loan from North Lincolnshire Council made in 2002 of £1.3 million of which which £0.1 million was repaid last year. Rates charged were £0.3 million. The airport then charged the council £0.4 million for capital construction work

MAG owns 82.71% of the normal shares plus 100% of '12% non-voting redeemable preference shares'

The airport also has 160 employees

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So thats what I found in the annual report. On the face of it good financial performance but I cant find any mention of tax credits which according to Crain's newspaper are 'proping-up' the figures. Think someone with more financial knowledge to me is needed to work this one out. Heres is that Crains article which was published before this set of accounts - www.crainsmanchesterbusiness.co.uk/apps/pbcs.dll/article?AID=/20080505/FREE/173619767

[pug]

That looks as though it can only be a good thing. With no evidence showing that tax credits have kept HUY in profit, and the fact that comes from quite a derogatory article prior to experts telling them wrong then could we assume crains were ill informed?

I suspest it will be getting much interest from investers with a view to maximising the site and knocking Peel down a peg or two.