The economic slowdown has failed to dent the profits of one of the country's biggest airport groups. Manchester Airports Group, the country's second-largest airport group, reported a 16.4% rise in profits from £82.9m to £96.5m. The group, which is owned by a consortium of councils including Manchester City's share of 55%, said the increase had been achieved despite a drop in traveller numbers and low-cost airlines switching to other airports. Cutting costs and improved returns from shops and car parks were key to the success. Chief executive, Geoff Muirhead, said the group had enjoyed ‘an excellent year' and was in a good position to weather a downturn. The 10 local authority shareholders will share a £26m dividend as a result.