Manchester Airports Group (MAG) has announced a 12 per cent increase in its annual profits. The group reported a £73.6m operating profit and a revenue of £393.m, up 5.3 per cent. MAG owns four British airports: Manchester, East Midlands and Bournemouth airports, plus Stansted, which it bought from BAA in February. The group said it plans to improve Stansted's facilities over the next two years. Neil Thompson, CFO for MAG, said: “This has been a transformational year for the airport group but again we have delivered strong passenger growth, improved our commercial performance but also exercised rigorous cost control and efficiency that has helped to deliver a strong set of results. The group now serves nearly 42 million passengers, up by 0.5 million (excluding Stansted), which outperforms the market.