The group, which owns Manchester, Stansted, East Midlands and Bournemouth airports, said the money generated in 2015-16 represented a 16% increase and was driven by 52 million passengers using its facilities.

In the release of its annual corporate social responsibility report it added that during the same period it saw a 15% reduction in carbon emissions as well as a 41% cut in the number of registered noise complaints.

Neil Robinson, corporate social responsibility director at MAG, said: “MAG’s approach is guided by our belief that when our business prospers, the regions and communities in which we operate prosper.  

“We also know that delivering growth in the right way is key to securing the support of our stakeholders and as our airports continue to grow over the coming years, we recognise the importance to local communities of being able to deliver this growth without increasing the environmental impacts associated with our operations.

“The figures we are releasing today demonstrate the powerful role that airports across the country play in generating wider social and economic benefit for their local communities and the UK economy.

“In a year when we have transported a record 50 million passengers, we have managed to significantly reduce our environmental impact through a variety of initiatives such as the introduction of GPS flight path technology that has cut our noise impact and also managing to make Manchester airport’s ground operations carbon neutral.

“As the north’s global gateway, Manchester airport will do more than any other UK airport to drive the northern economy forward, providing international connectivity directly from the region.

“Similarly, Stansted’s growth over the next 10 to 15 years will not only provide much-needed airport capacity in the south, it will also play a key role in supporting economic development and employment in London and the east of England.”