New accounts for Connacht Airport Development Company Ltd show that last year pre-tax profits increased by 31pc to €2.46m after the airport enjoyed its busiest ever 12-month period. Pre-tax profits increased as revenues rose by 11pc from €19m to €21.08m.
In their report, the directors state that 2024 “has proven to be the busiest year on record at the airport, with passenger numbers reaching 834,000 for the first time in its history, surpassing the previous record of 818,000 passengers achieved in 2023”.
The report shows the airport is heavily dependent on Ryanair services, with the Michael O’Leary-led airline carrying 738,000 passengers in 2024, 88pc of the total.
Last year, Ryanair operated 17 routes from the airport with record numbers using their services to and from both Liverpool and London-Luton.
The directors are confident 2025 will be another year of record growth, “with passenger numbers of more than 900,000 for the first time”.
They state that “forecast revenues for 2025, based on forecast passenger numbers, are expected to be in the region of €24m”. However, the airport is forecasting a pre-tax loss prior to receipt of government funding, due to cost pressures.
This year’s summer schedule represents an increase of about 18pc in capacity compared to the previous one.
The accounts show that Aer Lingus also recorded its busiest ever year in 2024 for passenger traffic at the airport, with 91,000 passengers using the London Heathrow service.
The company’s pre-tax profit also takes account of non-cash depreciation and impairment costs of €3.38m. The profit includes other operating income of €4.47m, such as Government grant funding.
The airport firm recorded a post-tax profit of €2.13m after incurring a corporation tax charge of €326,493. Numbers employed increased from 148 to 153, as staff costs rose from €6.97m to €7.4m
The pay for one executive director totalled €244,690 made up of remuneration of €198,067 and pension contributions of €46,623.
At the end of last year, the airport firm had shareholder funds of €13.8m that included accumulated profits of €9.95m. The company’s cash funds rose from €10.19m to €12.2m.
Last month Ireland West Airport announced it had surpassed 12 million passengers with Ryanair since the airline began operations there in 1986. Alison Lynch, who had travelled from London Stansted to visit family in Galway and Roscommon, was announced as the 12 millionth Ryanair passenger and was presented with a flight voucher and Champagne.
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