Council windfall from Manchester Airport Group shares

Oldham Council has been paid a multi-million pound dividend for its shares in Manchester Airport Group (MAG).

Manchester Airports Group (MAG) is part owned by the region's councils and Oldham Council will receive £3.4m after MAG announced an interim dividend for the half year to September 2017 of £55.3m, a 17.7% year-on-year increase.

The dividend comes after a record breaking summer season for MAG. An increase in both long-haul and short haul destinations, as well as higher frequencies to existing destinations ensured MAG passenger numbers increased by 9.1% year-on-year to 34.9m.

Manchester Airport is seeing record numbers of passengers through its doors and during the six months to September saw more passenger growth than any other UK airport (+9.2% to 16.6m).

The Council, along with the other GM councils, is to make further shareholder loans to MAG in order to drive further growth via a £1bn transformation programme.