Shannon agency narrows its losses

Pre-tax losses at Shannon Development last year narrowed by 27% to €11.9m as the property crash continued to impact on the agency’s finances.

The semi-state company narrowed its losses in spite of revenues declining by 7% from €32.4m to €30.2m in the 12 months to the end of December last.

CEO Vincent Cunnane said yesterday he was “quite pleased” with last year’s performance. He pointed out the largest contributor to last year’s pre-tax loss was a combined non-cash cost of €10.5m made up of a depreciation charge of €7m and a €3.5m write-down in property assets.