Manchester Airport operates in an increasingly competitive environment
and must differentiate itself not only.
Finance
All organisations must take great care in setting their financial
targets. If they are set too low then they will be readily achieved
and full potential will not be reached.
At present the economic regulation of airports is targeted solely at
reducing the charges to airlines. Non-aviation income is not regulated
and the Airport, therefore, seeks to encourage the development of such
revenue streams to sustain the profitability of the Company.
To maintain its reputation as a quality service provider, therefore,
Manchester Airport has to ensure that it increases capacity and
markets itself to become more attractive as the “airport of choice”.
External factors Which Affect financial Performance
Numerous factors influence the financial activities and the financial
performance of organisations
Five major external factors which affect Manchester Airport are:
1 Constant change
2 Competitive environment
3 Single till
4 Government regulations
5 Economic environment
Change
Along with all other business the Airport operates in an environment
which is constantly changing. For example:
1 The freight market is volatile and can fluctuate annually. Reasons
for this include:
1. competitor activity
2. noise considerations – freight only aircraft tend to be noisier and
older
3. technological development
2 World events can have an effect dramatic on both freight and
passenger travel. For example:
1. Since 11 September 2001 the number o people flying across the North
Atlantic has fallen dramatically and this has had an effect in
business travel and some airlines.
2. the war in Iraq has also had an effect on travel
3. The SARS virus has had an effect on the number of passengers
travelling to the very east of the world.
1 Charter flights are also in a volatile market and are affected by
events such as:
1. the general economic conditions
2. foreign currency exchange rates
3. consumer confidence I tour operators
4. competitor activities
5. trades towards off-season holidays
6. weather conditions
1 the Airport must comply with regulations and legislation which is
subject to change, for example:
1. The establishment of a single market within the Euro...
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...atement, which indicates
the broad methodology used and is titled Basis of Opinion.
Statement of According Policies
Principles of accounting policies are declared in this statement.
Details are provided of particular accounting methods used such as
description.
Trading Account
The trading account forms the first part of the Profit and loss
Account. It is used to calculate the amount of gross profit or loss.
Paying Wages and Salaries
The payment of wages and salaries for Manchester Airport plc staff is
handled by the Payroll Section which is part of one of the other group
companies, Manchester Airport Aviation Service (MAAS), and is located
on the Airport site. They hold information about all employees. This
includes:
1 Name
2 Address
3 National Insurance Number
4 Starting Salary
5 Salary Scale
From this information they are able to calculate the amount to be paid
and deductions such as National Insurance payments, pension, tax and
union subscription.
The majority of staff are salaried, that is their payments are based
on an annual figure, but are paid on a monthly basis. Some staff,
mainly annual workers , are still paid on an hourly rate.
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Political · The expansion of the European Union (EU)· BAA’s proposed Stanstead expansion· CAA’s new regulations on airport charges
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