Airport caterer hit by US pullout from Iraq
THE US withdrawal from Iraq is hitting revenues and profits at a Shannon Airport-based catering firm. EFG Inflight director Ean Malone said company revenues from US troops going through Shannon had "dropped significantly" in the current financial year. The pullout of troops from Iraq will hit revenues and profits again this year, he added.
Fewer than 250,000 US troops passed through Shannon last year following the withdrawal of US troops from Iraq and a partial withdrawal from Afghanistan.
Mr Malone said: "In previous years, US troop business would have accounted for 60pc of our revenues, with 40pc coming from commercial passenger traffic and retail.
"Now that breakdown is reversed and the Iraq pullout is a huge part of that."
Accounts show the firm increased its pre-tax profit by 2.6pc to €988,726 in the 12 months to the end of May last on revenues of €10m.
Mr Malone said he expected the firm -- where 100 people are employed -- to record profits of €500,000 in the current calendar year. "Revenues would be down 25pc to 27pc this year," he added. He said the company was diversifying in response to the downturn in troop numbers going through Shannon.