LTNman - look at the figures you quoted versus passenger growth:
Passengers up 16.1%, revenue only up 10.9% - so either traffic income per passenger is dropping or commercial income per passenger is dropping - which do you think is more likely given their big new retail offering?
Revenue up £27m, EBITDA up £26m so only £1m increase in operating costs to service 16.1% growth in passengers - suggests they must be really screwing down operating costs.
Shed - I don't disagree, I doubt MAG have a cash problem so the growth in market value may be sufficient to allow them to be less concerned about short term rate of return (which may be on target anyway - we don't know what their assumptions were in their aquisition business plan).