Shannon Group sets aside €1.33m for redundancies
The spend on the voluntary redundancy programme comes after Shannon’s related aeronautical and commercial revenues dipped slightly to €37.37m from €37.76m in the previous year.
The Shannon Group increased turnover by 2% to over €67.2m. Revenues from its tourism operations, which include Bunratty Castle, increased 13% to €15.38m. Revenues from the group’s property business had a marginal increase from €14.2m to €14.4m.
The group last year recorded pre-tax profits of €7.26m which takes account of non-cash depreciation charges of €4.2m.
A note attached to the accounts on the voluntary redundancy scheme stated that additional charges are expected to arise in 2017 in respect of a further phase of this scheme.
The group wasn’t able to specify the numbers that have opted for redundancy but a spokesman for the Shannon Group said: “We have engaged with staff on a range of proposals to reduce our cost base to ensure we remain competitive in the international marketplace. As part of this we launched a voluntary severance scheme and we are in discussions with staff about voluntary exits later in 2017.”
The voluntary retirement scheme launched last year was available to employees over 55 and a redeployment programme for a number of business areas is also aimed at making the airport more competitive.
At the end of last year, the group was debt-free and held €25.7m in cash. It spent €14.8m on capital projects last year.
