SHANNON Airport made a profit of €2.7 million in 2019, newly filed accounts show. Turnover for 2019 was €46 million, down from €48.1 million in 2018.
According to the accounts, Shannon Airport Authority spent €14.1 million on wages and salaries for its 243 workers in 2019. The average per employee was just over €58,000, but there are now proposals for swingeing pay cuts among the staff, due to the Covid-19 slowdown.
The directors’ report warned that a very difficult period lies ahead. “Industry analysts cite that once the situation resolves that passenger numbers will follow the same trajectory as in the wake of previous disruptions, such as 9/11 or the global financial crisis-after months of disarray, travel patterns reverted to normal and growth resumed. A caveat here is that no analyst can predict the timing of the current crisis. If this were to resolve in the short term and the impact of Covid-19 abates within months, it will be important in 2020 to continue to focus on implementing a sustainable business model, by increasing revenues and reducing costs to allow the airport to compete effectively and generate increased profitability, to ultimately fund and deliver on our investment goals. However, the key focus will be on recovery from this unprecedented crisis.”