Profits at company which operates Knock airport up 24% to €2m

Pre-tax profits at the company which operates Ireland West Airport – Knock in Co Mayo last year increased by 24 per cent to €2 million in a record year for the airport.

New accounts filed by Connaught Airport Development Co Ltd show that the company increased its profits after revenues went up 11 per cent to €14.57 million.

According to the directors’ report, last year proved to be the busiest year on record for Knock airport as passenger numbers increased by 22,120 or 3 per cent from 749,499 to 771,619.

Numbers employed increased from 135 to 143, and the directors say that they are forecasting close to 800,000 passengers for this year, which represents a further 3.7 per cent increase on 2018 numbers.

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The directors say the business recorded a pre-tax profit of €158,367 before operating funding from the Department of Transport is taken into account. The airport now serves 23 international destinations and is served by three airlines, Aer Lingus, Flybe and Ryanair.

The report says t the company completed a number of critical safety and security projects totalling over €2.3 million last year, which were funded by the Government.

Staff costs last year increased from €5.5 million to €5.7 million. Directors’ remuneration last year decreased from €183,417 to €177,246.

A breakdown of the airport’s revenues show that €7.6 million was generated from aeronautical revenues; €6.8 million from commercial revenues; and €50,000 from “other sales”.

A note attached to the accounts says the airport expects to receive 75 per cent grant funding towards an €11.2 million upgrading of the existing runway.