€7.3m profit for Shannon Group

SHANNON Group made a profit of just under €7.3 million last year.

The Group encompasses Shannon Airport, Shannon Commercial Properties, Shannon Heritage and Shannon IASC.

Its accounts show that it had total fixed and current assets of €147.5 million and total equity of €120.2 million. There were liabilities of €27.3 million.
The accounts show that aeronautical and commercial activities were responsible for €37.76 million in revenue, commercial property rental, management and development for €14.22 million and tourism activities for €13.57 million.

Shannon Group saw depreciation of just under €4 million in 2015.

Wages and salaries for the year came to €28 million while there were social welfare costs of €2.46 million.

On average Shannon Group employed 481 staff during the year. Four hundred and two were in operations and administration, 48 in commercial activities and 31 in property.

Remuneration for the then Shannon Group Chief Executive Officer Neil Pakey came to €255,676 in 2015.
Commenting on the Shannon Group results, Mary Considine, Acting CEO, Shannon Group, “We are pleased with last year’s results but the long term sustainability of our business model remains a key challenge for the Group. Further work needs to be done to increase the operating revenue and ensure that the cost base of the three group companies are competitive in the marketplace.

“This year we have embarked on a five-year €60m capital programme to address historical infrastructure deficits at Shannon Airport, at Shannon Commercial Properties and Shannon Heritage.  Our investment plans have already and will continue to make a significant contribution to the local economy during the construction phase and will deliver long-term benefits in terms of growing revenue at each of our individual businesses.”

 

Owen Ryan