Manchester Airports Group (MAG), which lost PS320m during the year to March, saw passenger numbers drop by one-third of pre-pandemic levels.
MAG, which controls Manchester, London Stansted, and East Midlands airports said that its combined losses over the past two years reached PS694m.
Although revenues fell by 48%, they were still much higher than the previous year.
In the twelve months ending March, MAG served 20.5 millions passengers.
This was three times more than the previous year but it was still less than a third of what was needed for 2019-20.
MAG is almost two-thirds owned in Greater Manchester by Greater Manchester’s 10 borough Councils. They said that MAG’s recovery from the worst pandemic was “outstripping” other UK Airports.
It said that passenger numbers reached 82% pre-pandemic levels in May.
Chief executive Charlie Cornish stated that “travel restrictions were in effect for almost all of the past 12 months. It was an uncertain and unpredictable year” for MAG as well as the wider aviation industry.
The rise in travel demand coincides with a shortage of staff.
After weeks of chaos, Manchester Airport has appointed Chris Woodroofe as its new managing director.
Cornish stated that the speed of recovery in air travel demand had “brought its’ own challenges” and that recruitment of new staff has been “longer and more difficult than we expected”.
MAG reported that more than 1,500 employees have been hired at the airports since January.
These are just a few of the hundreds of people who work for ground handling companies, airlines, and retailers.
MAG stated that security wait times have improved, with 92% of passengers being processed at Manchester Airport in under half an hour in June.
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