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.
The airline industry is an unprofitable business even with increased traffic every year (HUTCHINSON, 2011). By identifying the marco-environment factors that may have an impact on the airline will enable airlines to make better decisions and to exploit or reduce the impact of those macro forces.
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...earch and extension, rural infrastructure, and market access for small farmers. Rural investments have been sorely neglected in recent decades, and now is the time to reverse this trend. Farmers in many developing countries are operating in an environment of inadequate infrastructure like roads, electricity, and communications; poor soils; lack of storage and processing capacity; and little or no access to agricultural technologies that could increase their profits and improve their livelihoods. Recent unrest over food prices in a number of countries may tempt policymakers to put the interests of urban consumers over those of rural people, including farmers, but this approach would be shortsighted and counterproductive. Given the scale of investment needed, aid donors should also expand development assistance to agriculture, rural services, and science and technology.
Haruna. U. Nasira. M. Umar. M.B. Sustainability Issues and Nigeria’s Agricultural Paradigm, Agricultural Economics and Extension Programme, Abuakar Tafawa Bawela University, PMB 0248, Bauchi, Nigeria. Department of Agricultural Technology, Jigawa State College of Agriculture, PMB 01, Hadejia State, Nigeria
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