Shannon agency losses hit €16.5m

PRE-TAX losses atsemi-state agency Shannon Development totalled €16.5 million last year as the company continued to be hit by the fallout from the collapse in the property market.

In the regional agency’s 2010 annual report just published, the accounts confirm that the agency’s pre-tax loss amounted to €16.5m to the end of December last and this followed a pre-tax loss of €17.2m in 2009.

The directors concede that the company’s target of returning to “financial sustainability” by 2013 has been thrown into question by the prevailing economic climate.