Manchester Airport Grp Funding PLC Update in relation to COVID-19 (4300G)

TIDM38LZ

RNS Number : 4300G

Manchester Airport Grp Funding PLC

17 March 2020

Issuer: Manchester Airport Group Funding PLC

Date: 17 March 2020

Manchester Airport Group Funding PLC

Company No. 8826541

Update in relation to COVID-19

Following solid growth in both summer 2019 and into the early winter season, the COVID-19 outbreak has affected the global travel industry and caused a significant drop in passenger traffic across each of the airports owned by the subsidiaries of Manchester Airport Group Investments Limited, the Issuer's parent ("MAG").

MAG is taking immediate actions to mitigate the effects of this drop in passenger numbers by reducing both capital expenditure and operating costs.

The implications of COVID-19 on the aviation industry are unprecedented. However, MAG faces this situation with a strong underlying financial position, including low leverage, GBP395m of available debt liquidity undrawn and no debt refinancings due until 2023.

MAG, together with its shareholders, IFM Investors and The Councils of Greater Manchester, will continue to monitor the situation as it evolves and to update MAG's strategic response as necessary.

Charlie Cornish, MAG's Group Chief Executive said:

"The COVID-19 outbreak has led to a rapid and unprecedented reduction in demand for air travel in and out of the UK, and MAG airports are seeing much lower passenger numbers as a result.

We expect demand to return as the COVID-19 peak passes, but this temporary and dramatic downturn requires us to act now to protect our position at this critical time.

We will continue to monitor the situation and make further announcements on MAG's operations as the COVID-19 situation develops."

Enquiries:

   Investor Relations:      [e-mail] 
   MAG Press Office:      [e-mail] 

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March 17, 2020 06:11 ET (10:11 GMT)