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Profits rise at Shannon

PROFITABILITY at Shannon Airport “improved considerably” in 2014, a year in which passenger numbers also rose by 17%. That’s one of the messages from Shannon Group’s 2014 annual report, along with a commitment from Shannon Group chief executive, Neil Pakey, to correct what he called “historic underinvestment” at the airport and other facilities under the remit of Shannon Group plc. In the annual report, Mr Pakey outlined that “profitability of the airport has also improved considerably in 2014, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of €4.6 million, an increase of 34% on 2013. This increase in profit was achieved in part through passenger growth and new routes, but also by managing cost efficiencies.” Mr Pakey added that work on lowering costs will continue this year, as will capital investment at the airport. “We will continue to address the operating cost base in 2015 and identify further cost efficiencies to ensure our sustainability and enable us to compete …

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