Revenues rise but profits fall at Shannon Airport Group

The Shannon Airport Group saw a rebound in revenue and passenger traffic last year as air travel restrictions were lifted but its after-tax profit declined by €10 million, its annual report for 2022 shows.

Group turnover from continuing operations rose 76 per cent to €60.7 million but its cost of sales (up 119 per cent to €8 million) and administrative expenses (+49 per cent to €44.5 million) also increased. The company’s earnings before interest, tax, depreciation and taxation increased to €16.5 million from €8.6 million in 2021.

However, its after-tax profit declined to €15.6 million from €25.9 million a year earlier. The report shows that Shannon Airport Group received €540,000 last year in Covid-19 wage subsidies, down from €3.3 million in 2021.

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Some 1.51 million passengers passed through Shannon Airport last year, up from just 380,000 in 2021, when strict Covid-19 air travel restrictions were in place. Its heritage sites welcomed 383,000 visitors in the year, down from 495,000 in 2021, reflecting a reduction in the number of sites it managed during the year.

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Commenting on the outlook for this year, chief executive Mary Considine said: “Prospects at Shannon look bright for 2023 and this year we will operate 35 routes to 11 countries. By the end of 2023, we expect traffic volumes to have surpassed 2019 levels. Visitor numbers to our Shannon Heritage sites also experienced a strong recovery in 2022 as a result of the resumption of international travel, with day visitor numbers back to over 80 per cent of pre-pandemic levels.”

Ms Considine said she was “pleased” that the transfer of Shannon Heritage assets to Clare County Council was under way.