Tuesday 10 December 2019

Go-it-alone Shannon airport in profit in first year

Shannon Airport
Shannon Airport

Gordon Deegan

Shannon airport recorded a pre-tax profit of €149,000 in its first year as an independent airport, new figures show. According to accounts just filed by Shannon Airport Authority plc with the Companies Office, the company recorded the pre-tax profit after generating revenues of €39.1m.

Up until now, the financial affairs of the airport have not been disclosed as they were consolidated within the Daa annual accounts. However, the new accounts show that the airport's earnings before interest, tax, depreciation and amortisation totalled €3.4m on the back of 1.4 million passengers last year.

The airport is projecting a 10pc increase in passenger numbers this year to over 1.5m passengers. Chief executive, Neil Pakey was appointed to his role on June 10th 2013 and the returns show that Mr Pakey's annual basic salary is €175,000.Last year, Mr Pakey received €98,288 in basic salary along with €19,679 in other taxable benefits and pension contributions of €4,914.

The former MD of John Lennon airport in Liverpool also received €10,924 in business expenses.The accounts show that chairwoman of the SAA, Rose Hynes received €20,688 in fees last year - Ms Hynes is also chairwoman of Bord Gais.The numbers employed at the airport total 263 with 200 
in operations and administration with a further 63 in commercial.

The figures show that the airport's staff costs last year totalled €17.17m.The accounts confirm that the firm recorded an operating profit of €93,000.

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