Shannon Group swings into profit as air travel recovers

The Shannon Group includes the airport which has seen passenger numbers increase following the lifting of Covid-19 restrictions. File Picture: Eamon Ward

The Shannon Group last year recorded aeronautical and related revenues of €7.3m — down 58% on its pre-Covid aeronautical revenues.

That is according to the 2021 annual report for the Shannon Group which details the impact Covid-19 had on the business of the airport last year.

The airport is current enjoying a post-Covid-19 air travel restrictions recovery and the new accounts also show that the group’s retail revenues took an even harder hit in 2021.

The accounts show that the group’s retail revenues last year totalled €5.64m — down 66% on the pre-Covid-19 retail revenues of €17.3m.

The group last year recorded a pre-tax profit of €26.54m — and this followed a pre-tax loss of €26.48m during 2020 — a positive swing of €53m.

The group made the pre-tax profits in 2021 thanks mainly to ‘other income’ of €26.87m last year.

This was made up of a profit of €10.4m recorded by the group on the €33m sale of property and booking a €9.9m gain on the value of its property portfolio.

The 'other income' also included government grants of €6.5m last year and this included Covid-19 wage subsidies of €5m and social welfare credits of €1.1m.

Increase in overall revenues

Overall revenues last year increased by 18% from €34.33m in 2020 to €40.47m but were down sharply on pre-Covid-19 revenues of €79.12m.

The best performing sector was the group’s property arm which recorded revenues of €13.6m — outstripping its pre-Covid-19 2019 revenues of €13.4m.

The pre-tax profit last year took account of combined non-cash depreciation and amortisation costs of €7.74m.

Numbers employed by the Shannon Group last year increased from 306 to 318 as staff costs decreased from €14.16m to €11.46m, net of the Covid-19 wage supports of €5m.

Shannon Group CEO Mary Considine was formally appointed to the post in October 2019 and last year Ms Considine’s overall pay package increased from €224,236 to €261,919.

The 2021 package was made up of €190,000 in basic pay, €24,419 in other taxable benefits, and €47,500 in pension contributions.

A note attached to the accounts states that no bonus was paid to Ms Considine in 2021 and 2020.

Pay to key management personnel last year increased from €876,000 to €1.13m.