Independent Shannon in 10-fold profit jump
Airport flying high
Published 07/08/2015 | 02:30
Pre-tax profits at Shannon Airport rose more than ten-fold in its first year of independence.
New accounts filed by Shannon Airport Authority with the Companies Office show that the airport enjoyed the sharp rise in profits from €149,000 to €1.62m as revenues went up by 9.5pc from €39.1m to €42.8m.
The figures show that the airport's earnings before interest, tax, depreciation and amortisation increased by 35pc, from €3.4m to €4.6m.
Last weekend was it busiest since 2010, and it handled 40,000 passengers.
The directors' report attributes the sharp rise in pre-tax profits to increased passenger numbers "and also a significant non-payroll cost management process completed in 2014". Passenger numbers rose by 17pc to 1.64m largely on the back of new Ryanair services and increased capacity on North Atlantic routes.
The directors state that they are satisfied with the financial performance in 2014.
They say "a number of cost efficiency measures were introduced in 2014 and it is the board's intention to continue to focus on these in future years in order to improve on operational profitability".
Numbers employed rose by nine to 272 and staff costs increased from €17m to €18.48m.