Passenger numbers at Shannon Airport grew by 5% last year, bringing the total passenger growth to 22% since airport independence in 2013. Shannon Group plc, which includes Shannon Airport, Shannon Commercial Properties and Shannon Heritage, in its first full year of trading recorded total turnover of €65.6 million in 2015 with post-tax profits of €7.3 million.
Announcing Shannon Group’s 2015 results, its Chairman Rose Hynes said that the outlook for the Group is positive and that a major capital investment programme to address historical underinvestment and to drive growth opportunities is underway. Passenger growth and route development remains a key priority for Shannon Airport.
Rose Hynes said: “We had a solid performance in our first full trading year as Shannon Group but greater opportunities for growth lie ahead. These opportunities can best be seized by the delivery of a major five-year investment programme and a realignment of our cost base.
“The investment programme is critical for correcting the historical investment deficit in infrastructure across our businesses, moving each of the businesses on to the next level and improving competitiveness.”
Mary Considine, Acting Chief Executive, added: “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 bases of the three group companies are competitive in the marketplace.
“This year we have embarked on a five-year €60 million 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.”
Among projects targeted in the capital investment programme are a major overlay of the airport runway; a significant upgrade of the airport’s Transit Lounge and European departure gates; a €21 million redevelopment programme to regenerate the Shannon Free Zone, which will significantly strengthen the hand of development agencies in attracting major investments and enabling job creation in the region; and a new retail offering and cafe at Bunratty Castle and Folk Park to enhance the visitor experience.
The 2015 Shannon Group plc Annual Report is available to view under ‘Publications’ on the home page of the group website at www.shannongroup.ie