Shannon records pre-tax profit

Shannon Airport recorded a pre-tax profit of €149,000 in its first year as an independent airport, figures show.

According to newly-filed accounts from Shannon Airport Authority, the company also generated revenues of €39.1m for the year. Up until now, the financial affairs of the airport have been off-limits as they were consolidated within the DAA annual accounts.

The figures 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. Shannon is projecting a 10% increase in passenger numbers this year.

Chief executive Neil Pakey was appointed in June of last year and the returns show that his basic salary is €175,000 per annum. Last year, he received €98,288 in basic salary along with €19,679 in other taxable benefits and pension contributions of €4,914. The former head of John Lennon Airport, in Liverpool, also received €10,924 in business expenses. SAA chair, Rose Hynes received €20,688 in fees last year.

Mr Pakey said that the first year in the life of the independent airport company produced financial and traffic results in line with targets. However, he added that there can be no let-up in the airport’s focus and efforts to secure further traffic growth and positive financial performance going forward.

Mr Pakey expressed confidence that the airport will continue to build on the growth achieved in 2013, with passenger numbers expected to achieve double-digit growth this year.

“There are undoubtedly more challenges ahead, but I believe real and significant growth is attainable,” he said.

Meanwhile, Ryanair has confirmed that it will unveil details of its new mobile app next Monday. There was speculation yesterday of a facility for travellers to have their boarding passes on their phones, but an airline spokesman would make no comment.