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€77.8m turnover for Shannon Group in 2018

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A fourth consecutive year of growth was recorded by Shannon Group plc in 2018.

As the parent company of Shannon Airport, Shannon Commercial Properties and Shannon Heritage, Shannon Group plc recorded a turnover of €77.8m in it’s most recent accounts which cover the year, 2018. This marks an eight percent increase on the previous year.

2018 was Shannon Airport’s busiest year this decade with passenger growth of 6.5 percent, exceeding 1.86 million. According to the RSES compiled by the Southern Regional Assembly, the Airport has the capacity for 4.5 million passengers without investment. During 2018 there were 25,556 take offs and landings from the airport’s newly resurfaced runway, which at 3,199 metres is the longest runway in Ireland. Shannon Airport had flights to 30 destinations last year (15 in Europe, 8 in the UK and 7 in the US).

Shannon Commercial Properties completed its €40 million first-phase investment programme at Shannon Free Zone, more than doubling occupancy rates to 94% since 2013. Over 150,000 sq ft of renovated or new builds was completed in the Free Zone last year. Jaguar Land Rover (with the creation of 150 jobs), Edward Life Sciences, Aero-Zone, STS UJet Group, Stratos, Aerospace Asset Trading, Aerospace Inspection, Euro Superabrasive and Starbucks were new companies to set up in the SFZ last year.

Ireland’s largest commercial operator of day and night-time visitor attractions, Shannon Heritage noted a 4.3 percent increase in visitors and a record high of almost 925,000. These attractions generated 253,000 bed nights, supported 840 direct and indirect jobs and generated an economic value of €28 million to the Irish economy.

Matthew Thomas who next month will depart his role as CEO of Shannon Group applauded a “positive year” for the company. “We have seen more passengers using our airport, more visitors enjoying our heritage tourist attractions, and our property portfolio attracting more businesses to the region. It is particularly pleasing that all the Group’s divisions are showing growth in turnover and productivity.”

“2019 will undoubtedly be a challenging year for Shannon Airport. The world-wide grounding of the 737 Max aircraft is having serious implications for passengers and the aviation industry alike. At Shannon it is impacting our well supported and successful Norwegian and Air Canada services. This will affect our passenger throughput and resultant business as we build towards what is otherwise a busy summer season. We continue to work with the airlines to assist them in every way we can to aid the return of these services”.

“Following another successful year, the Group is now moving on to the next phase of its journey.  We have an ambitious strategy to ensure continued growth in the years ahead. Our plans demonstrate Shannon Group’s commitment to the NPF ambitions. We are confident that with the right supports and policies, we will play an important role in the successful implementation of Project Ireland 2040 and its promise to generate 75% growth outside of the capital over the next 21 years,” Chairperson Rose Hynes commented.

“We are determined to continue to maximise the opportunities in each of our businesses. As a very significant business in the regional and national economy, we are committed to working in partnership with all our stakeholders to ensure a vibrant and sustainable future for Shannon Group and our region,” Ms Hynes added.

Newmarket-on-Fergus native, Páraic McMahon is a freelance journalist and broadcaster currently working for numerous national and local publications including The Clare Echo, The Irish Examiner, The Irish Independent, The Irish Times, RTÉ, TheJournal.ie, The42.ie. A graduate of Mary Immaculate College, Páraic was previously employed by The Clare Herald and Clare FM. If you have a story, tip or some feedback for him then send an email to - paraic@clareecho.ie

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